ThZeal - The Zeal

pif-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01489

North Haven Private Income Fund LLC

(Exact name of registrant as specified in its charter)


Delaware						87-4562172
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1585 Broadway						10036
New York, NY						(Zip Code)
(Address of principal executive offices)

1 212-761-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☐

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the registrant’s Class S Units outstanding at May 12, 2025 was 185,139,071.

North Haven Private Income Fund LLC

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

TABLE OF CONTENTS


Part I. Financial Information
Item 1.	Consolidated Financial Statements (Unaudited)	3
	Consolidated Statements of Financial Condition	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Members’ Capital	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	72
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	96
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	107
Item 4.	Controls and Procedures	108
Part II. Other Information
Item 1.	Legal Proceedings	109
Item 1A.	Risk Factors	109
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	109
Item 3.	Defaults Upon Senior Securities	109
Item 4.	Mine Safety Disclosures	109
Item 5.	Other Information	109
Item 6.	Exhibits	109

SIGNATURES

Table of Contents

North Haven Private Income Fund LLC

Consolidated Statements of Financial Condition

(In thousands, except unit and per unit amounts)


	As of
	March 31, 2025		December 31, 2024
	(Unaudited)		(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $6,334,804 and $6,103,560)	$	6,287,572	$	6,079,019
Non-controlled/affiliated investments, at fair value (amortized cost of $21,924 and $—)	22,107		—
Total investments, at fair value (cost of $6,356,728 and $6,103,560)	6,309,679		6,079,019
Cash and cash equivalents (restricted cash of $8,510 and $1,650)	230,292		218,004
Deferred financing costs	33,293		35,183

Interest and dividend receivable from non-controlled/non-affiliated investments	37,361		58,637
Interest and dividend receivable from non-controlled/affiliated investments	178		—
Receivable for investments sold/repaid	2,822		15,465
Other assets	9,236		2,196
Total assets	6,622,861		6,408,504

Liabilities
Debt (net of unamortized debt issuance costs of $11,829 and $12,828)	2,897,684		2,861,892
Payable for investments purchased	103,731		47,887
Payable to affiliates (Note 3)	553		583

Distributions payable	32,067		26,178
Management fees payable	6,535		7,337
Subscriptions received in advance (Note 8)	56,533		51,728
Payable for units repurchased (Note 8)	65,290		55,792
Income based incentive fee payable	7,611		8,399
Interest and financing costs payable	28,721		53,852
Accrued expenses and other liabilities	15,807		23,670
Total liabilities	3,214,532		3,137,318

Commitments and contingencies (Note 7)

Members' Capital
Units, par value $0.001 per unit (181,148,832 and 172,510,464 units issued and outstanding)	181		173
Paid-in capital in excess of par value	3,485,635		3,321,472
Distributable earnings (loss)	(77,487)		(50,459)
Total members' capital	$	3,408,329	$	3,271,186
Total liabilities and members' capital	$	6,622,861	$	6,408,504
Net asset value per unit	$	18.82	$	18.96

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

North Haven Private Income Fund LLC

Consolidated Statements of Operations (Unaudited)

(In thousands, except unit and per unit amounts)


	For the Three Months Ended
	March 31, 2025		March 31, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	150,670	$	100,240
Payment-in-kind income	6,528		2,600
Dividend income	1,123		960
Other income	3,013		2,169
From non-controlled/affiliated investments:
Interest income	112		—
Payment-in-kind income	63		—
Other income	4		—
Total investment income	161,513		105,969

Expenses:
Interest and other financing expenses	59,855		26,223
Management fees	10,535		7,897
Income based incentive fees	11,611		8,811

Professional fees	1,969		1,369

Directors' fees	130		106
Administrative service fees	4		32
Servicing fees	7,163		5,370
General and other expenses	151		98
Total expenses	91,418		49,906


Management fees waiver (Note 3)	(4,000)		—

Income based incentive fees waiver (Note 3)	(4,000)		—
Net expenses	83,418		49,906
Net investment income before taxes	78,095		56,063
Excise tax expense	—		15
Net investment income after taxes	78,095		56,048

Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments	(5,007)		(3,088)

Foreign currency and other transactions	(5)		1

Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	(23,320)		816
Non-controlled/affiliated investments	183		—
Translation of assets and liabilities in foreign currencies	60		(46)
Net realized and unrealized gain (loss)	(28,089)		(2,317)
Net increase (decrease) in members' capital resulting from operations	$	50,006	$	53,731


Net investment income (loss) per unit (basic and diluted)	$	0.43	$	0.41
Earnings (loss) per unit (basic and diluted)	$	0.28	$	0.40
Weighted average units outstanding:	179,816,535		135,684,002

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

North Haven Private Income Fund LLC

Consolidated Statements of Changes in Members’ Capital (Unaudited)

(In thousands, except unit and per unit amounts)


	For the Three Months Ended
	March 31, 2025		March 31, 2024
Members' Capital at beginning of period:	$	3,271,186	$	2,304,430
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)	78,095		56,048
Net realized gain (loss)	(5,012)		(3,087)
Net change in unrealized appreciation (depreciation)	(23,077)		770
Net increase (decrease) in members’ capital resulting from operations	50,006		53,731
Distributions to Unitholders from:
Distributable earnings	(77,034)		(61,611)
Capital transactions:
Issuance of Units	187,462		392,591
Reinvestment of distributions	41,999		33,179
Repurchased Units	(65,290)		(28,707)
Net increase in members' capital resulting from capital transactions	164,171		397,063
Total increase (decrease) in members' capital	137,143		389,183
Members' capital at end of period	$	3,408,329	$	2,693,613
Distributions per unit	$	0.43	$	0.45

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

North Haven Private Income Fund LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	For the Three Months Ended
	March 31, 2025		March 31, 2024
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations	$	50,006	$	53,731
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments	23,137		(816)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies	(60)		46
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes	293		582
Net realized (gain) loss on investments	5,007		3,088
Net realized (gain) loss on foreign currency and other transactions	5		(1)
Net accretion of discount and amortization of premium on investments	(6,425)		(3,680)
Payment-in-kind interest and dividend capitalized	(6,863)		(3,278)
Amortization of deferred financing costs	1,924		867
Amortization of debt issuance costs and original issuance discount on unsecured notes	1,141		639

Purchases of investments and change in payable for investments purchased	(493,530)		(658,211)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	317,125		114,767

Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	20,920		(4,340)
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments	178		—

(Increase) decrease in prepaid expenses and other assets	(3,983)		(78)
(Decrease) increase in payable to affiliates	(30)		(2,193)
(Decrease) increase in management fees payable	(802)		1,368
(Decrease) increase in incentive fees payable	(788)		978
(Decrease) increase in interest payable	(25,131)		(19,244)
(Decrease) increase in accrued expenses and other liabilities	(1,420)		1,395
Net cash provided by (used in) operating activities	(119,296)		(514,380)


Cash flows from financing activities:
Borrowings on debt	$	338,250	$	345,000
Repayments on debt	(314,000)		(153,500)
Deferred financing costs paid	(34)		(113)
Debt issuance costs paid	(16)		(170)
Distributions paid	(29,146)		(25,268)
Proceeds from issuance of Units	135,734		246,471
Subscriptions received in advance	56,533		106,042
Repurchases of Units	(55,792)		(27,596)

Net cash provided by (used in) financing activities	131,529		490,866

Net increase (decrease) in cash, cash equivalents and restricted cash	12,233		(23,514)
Effect of foreign exchange rate changes on cash	55		(7)

Table of Contents

North Haven Private Income Fund LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


Cash, cash equivalents and restricted cash, at beginning of period	218,004		222,244
Cash, cash equivalents and restricted cash, at end of period	$	230,292	$	198,723





Supplemental information and non-cash activities:
Excise tax paid	$	—	$	114
Interest expense paid	$	81,085	$	42,535
Distribution reinvestment paid	$	41,999	$	33,179
Accrued but unpaid distributions	$	32,067	$	21,619



Accrued but unpaid repurchases of Units	$	65,290	$	28,707
Non-cash purchases of investments	$	(23,193)	$	(21,266)
Non-cash sales of investments	$	23,193	$	21,266

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
Jonathan Acquisition Company	(6) (10)	First Lien Debt	S +	5.00%	9.40%	12/22/2026	13,343	$	13,297	$	13,343	0.39	%
Jonathan Acquisition Company	(6) (10) (19)	First Lien Debt	S +	5.00%	9.40%	12/22/2025	343	340		343		0.01
Mantech International CP	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.29%	9/14/2029	33,407	33,090		33,407		0.98
Mantech International CP	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	9/14/2029	—	(22)		—		—
Mantech International CP	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	9/14/2028	—	(37)		—		—
PCX Holding Corp.	(6) (7) (10)	First Lien Debt	S +	6.25%	10.70%	4/22/2027	7,635	7,207		7,156		0.21
PCX Holding Corp.	(6) (7) (10)	First Lien Debt	S +	6.25%	10.70%	4/22/2027	7,689	7,259		7,207		0.21
PCX Holding Corp.	(6) (10)	First Lien Debt	S +	6.25%	10.70%	4/22/2027	793	751		743		0.02
Two Six Labs, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.55%	8/20/2027	24,729	24,454		24,673		0.72
Two Six Labs, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	8/20/2027	1,802	1,753		1,787		0.05
Two Six Labs, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	8/20/2027	439	429		437		0.01
								88,521		89,096		2.61
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	9.20%	6/11/2027	55,895	55,364		55,878		1.64
RoadOne IntermodaLogistics	(6) (10)	First Lien Debt	S +	6.25%	10.49%	12/29/2028	1,265	1,241		1,231		0.04
RoadOne IntermodaLogistics	(6) (10)	First Lien Debt	S +	6.25%	10.49%	12/29/2028	116	114		113		—
RoadOne IntermodaLogistics	(6) (10) (19)	First Lien Debt	S +	6.25%	10.49%	12/29/2028	101	96		94		—
								56,815		57,316		1.68
Automobile Components
Continental Battery Company	(6) (7) (8) (10) (13) (16)	First Lien Debt	S +	7.00% (incl. 4.08% PIK)	11.06%	1/20/2027	12,945	11,731		6,379		0.19
LTI Holdings, Inc.		First Lien Debt	S +	4.25%	8.57%	7/19/2029	4,980	4,976		4,960		0.15
Randy's Holdings, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	9.30%	11/1/2029	13,506	13,273		13,506		0.40
Randy's Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	11/1/2029	2,624	2,554		2,624		0.08
Randy's Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	11/1/2029	810	780		810		0.02
Sonny's Enterprises, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.50%	9.95%	8/5/2028	52,624	52,107		49,919		1.46
Sonny's Enterprises, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.95%	8/5/2028	6,002	5,894		5,537		0.16
Sonny's Enterprises, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.95%	8/5/2027	3,227	3,154		2,941		0.09
Spectrum Automotive Holdings Corp.	(6) (7) (11)	First Lien Debt	S +	5.25%	9.58%	6/29/2028	9,904	9,833		9,904		0.29
Spectrum Automotive Holdings Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	6/29/2028	3,191	3,162		3,191		0.09
Spectrum Automotive Holdings Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	6/29/2027	—	(2)		—		—
								107,462		99,771		2.93
Automobiles
ARI Network Services, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.33%	8/28/2026	23,886	23,776		23,659		0.69
ARI Network Services, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.33%	8/28/2026	1,520	1,520		1,506		0.04

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
ARI Network Services, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	8/28/2026	774	$	771	$	757	0.02	%
COP Collisionright Parent, LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.50%	9.79%	1/29/2030	30,927	30,404		30,927		0.91
COP Collisionright Parent, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.79%	1/29/2030	13,984	13,705		13,984		0.41
COP Collisionright Parent, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.79%	1/29/2030	752	671		752		0.02
Drivecentric Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	9.07%	8/15/2031	30,441	30,157		30,310		0.89
Drivecentric Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.07%	8/15/2031	—	(37)		(17)		—
LeadVenture, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	8/28/2026	2,178	2,158		2,148		0.06
MajorDrive Holdings IV, LLC	(12)	First Lien Debt	S +	4.00%	8.56%	6/1/2028	2,962	2,964		2,679		0.08
Turbo Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	6.00%	10.45%	12/2/2025	15,889	15,514		15,098		0.44
Turbo Buyer, Inc.	(6) (10)	First Lien Debt	S +	6.00%	10.45%	12/2/2025	2,432	2,390		2,310		0.07
Vehlo Purchaser, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.58%	5/24/2028	8,471	8,404		8,428		0.25
Vehlo Purchaser, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	5/24/2028	2,056	1,841		1,837		0.05
Vehlo Purchaser, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	5/24/2028	—	(3)		(2)		—
								134,235		134,376		3.94
Beverages
Vamos Bidco, Inc.	(6) (7) (12)	First Lien Debt	S +	4.75%	9.05%	1/30/2032	11,609	11,495		11,495		0.34
Vamos Bidco, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.05%	1/30/2032	—	(24)		(24)		—
Vamos Bidco, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.05%	1/30/2032	—	(14)		(14)		—
								11,457		11,457		0.34
Biotechnology
GraphPad Software, LLC	(6) (11)	First Lien Debt	S +	4.75%	9.05%	6/30/2031	37,463	37,291		37,463		1.10
GraphPad Software, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/30/2031	1,112	1,062		1,112		0.03
GraphPad Software, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/30/2031	—	(19)		—		—
								38,334		38,575		1.13
Building Products
LHS Borrower, LLC		First Lien Debt	S +	4.75%	9.17%	2/16/2029	3,414	3,348		2,882		0.08
LSF12 Crown US Commercial Bidco, LLC		First Lien Debt	S +	4.25%	8.57%	12/2/2031	3,000	3,014		2,939		0.09
Project Potter Buyer, LLC	(6) (8) (10)	First Lien Debt	S +	6.00%	10.30%	4/23/2027	10,245	10,245		10,245		0.30
Project Potter Buyer, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.30%	4/23/2026	—	—		—		—
								16,607		16,066		0.47
Capital Markets
Orion Advisor Solutions, Inc.	(14)	First Lien Debt	S +	3.75%	8.04%	9/24/2030	4,000	4,030		3,995		0.12

Chemicals
Olympus Water US Holding Corporation	(12)	First Lien Debt	S +	3.00%	7.30%	6/20/2031	4,694	4,706		4,613		0.14
Tank Holding Corp.	(9) (11)	First Lien Debt	S +	6.00%	10.43%	3/31/2028	53,231	52,436		51,108		1.50
Tank Holding Corp.	(11)	First Lien Debt	S +	6.00%	10.43%	3/31/2028	5,996	5,850		5,746		0.17

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Tank Holding Corp.	(11) (19)	First Lien Debt	S +	6.00%	10.43%	3/31/2028	—		$	(19)	$	(72)	—	%
V Global Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.75%	10.20%	12/22/2027	15,875		15,638		15,085		0.44
V Global Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.20%	12/22/2027	1,624		1,603		1,513		0.04
									80,214		77,993		2.29
Commercial Services & Supplies
365 Retail Markets, LLC	(6) (7) (10)	First Lien Debt	S +	4.50%	8.81%	12/26/2028	7,237		7,237		7,237		0.21
365 Retail Markets, LLC	(6) (7) (10)	First Lien Debt	S +	4.50%	8.81%	12/26/2028	2,322		2,322		2,322		0.07
Allied Universal Holdco, LLC	(12) (14)	First Lien Debt	S +	3.75%	8.17%	5/12/2028	7,470		7,465		7,458		0.22
Atlas Us Finco, Inc.	(6) (7) (8) (10) (15)	First Lien Debt	S +	5.00%	9.29%	12/9/2029	36,374		35,700		36,374		1.07
Atlas Us Finco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	5.00%	9.29%	12/9/2028	—		(24)		—		—
Belfor Holdings, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	11/1/2030	1,951		1,967		1,946		0.06
BPG Holdings IV Corp.	(6) (7) (9) (11)	First Lien Debt	S +	6.00%	10.30%	7/29/2029	25,875		24,306		22,889		0.67
Consor Intermediate II, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.80%	5/12/2031	6,837		6,780		6,836		0.20
Consor Intermediate II, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	5/12/2031	—		(19)		(1)		—
Consor Intermediate II, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	5/12/2031	—		(12)		—		—
CRCI Longhorn Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.33%	8/27/2031	8,801		8,719		8,801		0.26
CRCI Longhorn Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	8/27/2031	—		(10)		—		—
CRCI Longhorn Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	8/27/2031	765		751		765		0.02
Energy Labs Holdings Corp.	(6) (7) (9) (10)	First Lien Debt	S +	5.00%	9.40%	4/7/2028	7,944		7,872		7,844		0.23
Energy Labs Holdings Corp.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.40%	4/7/2028	1,378		1,351		1,336		0.04
Energy Labs Holdings Corp.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.40%	4/7/2028	192		174		168		—
EnergySolutions, LLC	(14)	First Lien Debt	S +	3.25%	7.57%	9/20/2030	4,986		5,011		4,961		0.15
Firebird Acquisition Corp, Inc.	(6) (11)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	9.29%	2/2/2032	5,950		5,921		5,921		0.17
Firebird Acquisition Corp, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	9.29%	2/2/2032	—		(9)		(9)		—
Firebird Acquisition Corp, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	9.29%	2/2/2032	—		(5)		(5)		—
FLS Holding, Inc.	(6) (7) (8) (10) (15)	First Lien Debt	S +	5.25%	9.69%	12/15/2028	23,713		22,635		20,931		0.61
FLS Holding, Inc.	(6) (7) (10) (15)	First Lien Debt	S +	5.25%	9.69%	12/15/2028	5,560		5,308		4,908		0.14
FLS Holding, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	5.25%	9.69%	12/17/2027	1,138		1,045		871		0.03
Foundever Worldwide Corporation	(12)	First Lien Debt	S +	3.75%	8.18%	8/28/2028	4,837		4,848		2,850		0.08
Helios Service Partners, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.56%	3/19/2027	12,280		12,102		12,214		0.36
Helios Service Partners, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.56%	3/19/2027	20,769		20,378		20,596		0.60
Helios Service Partners, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.56%	3/19/2027	—		(52)		(22)		—
Hercules Borrower, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.64%	12/15/2026	33,048		32,794		32,924		0.97
Hercules Borrower, LLC	(6) (11) (19)	First Lien Debt	C +	5.25%	8.02%	12/15/2026	C$	—	(9)		(99)		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
HSI Halo Acquisition, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.29%	6/30/2031	18,974		$	18,800	$	18,974	0.56	%
HSI Halo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	6/30/2031	786		766		786		0.02
HSI Halo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	6/28/2030	—		(26)		—		—
Iris Buyer, LLC	(6) (7) (10) (15)	First Lien Debt	S +	5.25%	9.54%	10/2/2030	19,926		19,529		19,852		0.58
Iris Buyer, LLC	(6) (10) (15)	First Lien Debt	S +	5.25%	9.54%	10/2/2030	1,879		1,845		1,872		0.05
Iris Buyer, LLC	(6) (10) (15) (19)	First Lien Debt	S +	5.25%	9.54%	10/2/2029	865		813		854		0.03
Procure Acquireco, Inc. (Procure Analytics)	(6) (7) (11)	First Lien Debt	S +	4.75%	9.06%	12/20/2028	15,357		15,357		15,357		0.45
Procure Acquireco, Inc. (Procure Analytics)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	12/20/2028	933		929		933		0.03
Procure Acquireco, Inc. (Procure Analytics)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	12/20/2028	—		—		—		—
Pye-Barker Fire & Safety, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.80%	5/26/2031	18,135		18,135		18,135		0.53
Pye-Barker Fire & Safety, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	5/26/2031	2,923		2,877		2,923		0.09
Pye-Barker Fire & Safety, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	5/24/2030	314		292		314		0.01
Routeware, Inc.	(6) (7) (10)	First Lien Debt	S +	5.25%	9.55%	9/18/2031	4,773		4,728		4,744		0.14
Routeware, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	9/18/2031	136		125		123		—
Routeware, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	9/18/2031	—		(5)		(3)		—
Sherlock Buyer Corp.	(6) (7) (8) (10)	First Lien Debt	S +	5.75%	10.15%	12/8/2028	25,036		24,951		25,036		0.73
Sherlock Buyer Corp.	(6) (10) (19)	First Lien Debt	S +	5.75%	10.15%	12/8/2027	—		(7)		—		—
Surewerx Purchaser III, Inc.	(6) (7) (8) (11) (15)	First Lien Debt	S +	5.25%	9.55%	12/28/2029	4,029		3,984		4,025		0.12
Surewerx Purchaser III, Inc.	(6) (11) (15)	First Lien Debt	C +	5.25%	7.91%	12/28/2029	C$	2,611	1,884		1,812		0.05
Surewerx Purchaser III, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.25%	9.55%	12/28/2029	225		217		224		0.01
Surewerx Purchaser III, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.25%	9.55%	12/28/2028	730		714		728		0.02
Surewerx Purchaser III, Inc.	(6) (11) (15)	First Lien Debt	C +	5.25%	7.91%	12/28/2028	C$	20	14		14		—
Sweep Midco, LLC	(6) (7) (10) (17)	Second Lien Debt				3/12/2034	1,086		543		539		0.02
Sweep Midco, LLC	(6) (7) (10) (17)	Second Lien Debt				3/12/2036	3,156		—		—		—
Sweep Purchaser, LLC	(6) (7) (10)	First Lien Debt	S +	5.75% PIK	10.15%	6/30/2027	4,077		4,077		4,077		0.12
Sweep Purchaser, LLC	(6) (7) (10)	First Lien Debt	S +	5.75%	10.15%	6/30/2027	2,045		2,045		2,045		0.06
Sweep Purchaser, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.15%	6/30/2027	—		—		—		—
Tamarack Intermediate, LLC	(6) (7) (11)	First Lien Debt	S +	5.75%	10.20%	3/13/2028	22,683		22,404		22,513		0.66
Tamarack Intermediate, LLC	(6) (11)	First Lien Debt	S +	5.75%	10.20%	3/13/2028	2,225		2,186		2,208		0.06
Tamarack Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.20%	3/13/2028	—		(39)		(25)		—
Tempo Acquisition, LLC		First Lien Debt	S +	1.75%	6.07%	8/31/2028	3,977		3,989		3,943		0.12
Transit Technologies, LLC	(6) (11)	First Lien Debt	S +	4.75%	9.17%	8/20/2031	12,091		11,978		12,091		0.35
Transit Technologies, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.17%	8/20/2031	1,353		1,326		1,353		0.04
Transit Technologies, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.17%	8/20/2030	—		(23)		—		—
TruGreen Limited Partnership		First Lien Debt	S +	4.00%	8.42%	11/2/2027	4,836		4,811		4,542		0.13
Vensure Employer Services, Inc.	(6) (7) (12)	First Lien Debt	S +	5.00%	9.30%	9/26/2031	26,100		25,857		25,921		0.76
Vensure Employer Services, Inc.	(6) (12) (19)	First Lien Debt	S +	5.00%	9.30%	9/26/2031	1,003		965		960		0.03

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
VRC Companies, LLC	(6) (7) (10)	First Lien Debt	S +	5.75%	10.07%	6/29/2027	50,231	$	50,021	$	50,231	1.47	%
VRC Companies, LLC	(6) (10)	First Lien Debt	S +	5.75%	10.07%	6/29/2027	47,474	47,005		47,474		1.39
VRC Companies, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.07%	6/29/2027	—	—		—		—
								507,613		504,591		14.80
Construction & Engineering
Arcoro Holdings Corp.	(6) (10)	First Lien Debt	S +	5.50%	9.80%	3/28/2030	56,961	55,969		55,208		1.62
Arcoro Holdings Corp.	(6) (10) (19)	First Lien Debt	S +	5.50%	9.80%	3/28/2030	—	(143)		(265)		-0.01
Artera Services, LLC		First Lien Debt	S +	4.50%	8.80%	2/15/2031	1,990	1,973		1,883		0.06
Centuri Group, Inc.	(12)	First Lien Debt	S +	2.50%	6.94%	8/27/2028	1,897	1,896		1,894		0.06
Crown Subsea Communications Holding, Inc.	(14)	First Lien Debt	S +	4.00%	8.32%	1/30/2031	3,990	4,025		3,990		0.12
KPSKY Acquisition, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.50%	9.89%	10/19/2028	20,695	19,878		18,773		0.55
KPSKY Acquisition, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.89%	10/19/2028	16,493	16,143		14,961		0.44
LJ Avalon Holdings, LLC	(6) (10)	First Lien Debt	S +	4.75%	9.07%	2/1/2030	2,937	2,869		2,937		0.09
LJ Avalon Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.07%	2/1/2030	1,202	1,166		1,202		0.04
LJ Avalon Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.07%	2/1/2029	—	(9)		—		—
Superman Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	4.50%	8.80%	8/29/2031	25,330	25,211		25,330		0.74
Superman Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	8/29/2031	5,298	5,255		5,298		0.16
Superman Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	8/29/2031	—	(17)		—		—
								134,216		131,211		3.85
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.79%	2/3/2031	41,566	41,222		41,566		1.22
PDI TA Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.79%	2/3/2031	—	(31)		—		—
PDI TA Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.79%	2/3/2031	501	470		501		0.01
								41,661		42,067		1.23
Containers & Packaging
Berlin Packaging, LLC	(14)	First Lien Debt	S +	3.50%	7.82%	6/7/2031	5,965	5,970		5,939		0.17
BP Purchaser, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.50% PIK	10.06%	12/11/2028	34,285	32,916		30,191		0.89
Clydesdale Acquisition Holdings, Inc.	(14)	First Lien Debt	S +	3.18%	7.50%	4/13/2029	7,303	7,306		7,266		0.21
FORTIS Solutions Group, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.90%	10/13/2028	21,909	21,822		21,909		0.64
FORTIS Solutions Group, LLC	(6) (11)	First Lien Debt	S +	5.50%	9.90%	10/13/2028	330	279		330		0.01
FORTIS Solutions Group, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	9.90%	10/15/2027	810	804		810		0.02
Proampac PG Borrower, LLC		First Lien Debt	S +	4.00%	8.31%	9/15/2028	2,957	2,970		2,935		0.09
								72,067		69,380		2.04
Distributors
48Forty Solutions, LLC	(6) (7) (9) (10)	First Lien Debt	S +	6.00% (incl. 3.50% PIK)	10.46%	11/30/2029	46,817	45,416		28,853		0.85
48Forty Solutions, LLC	(6) (10) (19)	First Lien Debt	S +	6.00% (incl. 3.50% PIK)	10.46%	11/30/2029	2,705	2,496		(26)		—
ABB Concise Optical Group, LLC	(6) (8) (11)	First Lien Debt	S +	7.50%	11.95%	2/23/2028	17,008	16,767		15,668		0.46

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Bradyplus Holdings, LLC	(6) (7) (8) (9) (10)	First Lien Debt	S +	5.00%	9.29%	10/31/2029	44,296	$	43,594	$	44,296	1.30	%
Bradyplus Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.29%	10/31/2029	280	260		280		0.01
PT Intermediate Holdings III, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.30%	4/9/2030	60,320	59,719		60,320		1.77
PT Intermediate Holdings III, LLC	(6) (11) (19)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.30%	4/9/2030	—	(5)		—		—
								168,247		149,391		4.38
Diversified Consumer Services
Any Hour, LLC	(6) (12)	First Lien Debt	S +	5.25%	9.55%	5/23/2030	11,773	11,615		11,604		0.34
Any Hour, LLC	(6) (12) (19)	First Lien Debt	S +	5.25%	9.55%	5/23/2030	333	309		284		0.01
Any Hour, LLC	(6) (12) (19)	First Lien Debt	S +	5.25%	9.55%	5/23/2030	935	913		910		0.03
Any Hour, LLC	(6)	Other Debt		13.00% PIK	13.00%	5/23/2031	3,289	3,235		3,223		0.09
Apex Service Partners, LLC	(6) (7) (8) (9) (10)	First Lien Debt	S +	5.00%	9.31%	10/24/2030	71,923	70,963		71,923		2.11
Apex Service Partners, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.31%	10/24/2030	17,123	16,853		17,123		0.50
Apex Service Partners, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.31%	10/24/2029	4,814	4,744		4,814		0.14
Ascend Learning, LLC	(12) (14)	First Lien Debt	S +	3.00%	7.32%	12/11/2028	7,356	7,325		7,260		0.21
Assembly Intermediate, LLC	(6) (7) (10)	First Lien Debt	S +	5.25%	9.55%	10/19/2027	8,889	8,547		8,889		0.26
Assembly Intermediate, LLC	(6) (10)	First Lien Debt	S +	5.25%	9.55%	10/19/2027	1,778	1,708		1,778		0.05
Assembly Intermediate, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	10/19/2027	—	(33)		—		—
DA Blocker Corp.	(6) (9) (11) (15)	First Lien Debt	S +	4.75%	9.05%	2/10/2032	7,759	7,683		7,683		0.23
DA Blocker Corp.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	2/10/2032	—	(12)		(12)		—
DA Blocker Corp.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	2/10/2032	242	235		235		0.01
Eclipse Buyer, Inc.	(6) (7) (12)	First Lien Debt	S +	4.75%	9.06%	9/8/2031	8,362	8,283		8,362		0.25
Eclipse Buyer, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.06%	9/8/2031	—	(6)		—		—
Eclipse Buyer, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.06%	9/8/2031	—	(7)		—		—
Essential Services Holding Corporation	(6) (8) (11)	First Lien Debt	S +	5.00%	9.30%	6/17/2031	18,624	18,453		18,624		0.55
Essential Services Holding Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	6/17/2031	—	(23)		—		—
Essential Services Holding Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	6/17/2030	515	488		515		0.02
EVDR Purchaser, Inc.	(6) (11)	First Lien Debt	S +	5.50%	9.83%	2/14/2031	41,394	40,669		41,394		1.21
EVDR Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.83%	2/14/2031	—	(100)		—		—
EVDR Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.83%	2/14/2031	717	597		717		0.02
FPG Intermediate Holdco, LLC	(6) (10) (13)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.20%	3/5/2027	7,667	7,559		5,501		0.16
FPG Intermediate Holdco, LLC	(6) (10) (19)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.20%	3/5/2027	289	289		289		0.01
Heartland Home Services	(6) (11)	First Lien Debt	S +	5.75%	10.15%	12/15/2026	23,050	22,874		22,032		0.65
KUEHG Corp.	(12)	First Lien Debt	S +	3.25%	7.55%	6/12/2030	7,343	7,371		7,324		0.21

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Lightspeed Solution, LLC	(6) (7) (11)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.83%	3/1/2028	22,992	$	22,789	$	22,959	0.67	%
Lightspeed Solution, LLC	(6) (11)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.83%	3/1/2028	1,364	1,352		1,364		0.04
Express Wash Acquisition Company, LLC	(6) (7) (10)	First Lien Debt	S +	6.50%	11.07%	7/14/2028	9,804	9,587		8,775		0.26
Express Wash Acquisition Company, LLC	(6) (10)	First Lien Debt	S +	6.50%	11.07%	7/14/2028	2,073	2,027		1,855		0.05
Express Wash Acquisition Company, LLC	(6) (10) (19)	First Lien Debt	S +	6.50%	11.07%	7/14/2028	262	253		212		0.01
Project Accelerate Parent, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.57%	2/24/2031	33,435	33,139		33,435		0.98
Project Accelerate Parent, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.57%	2/24/2031	—	(40)		—		—
Spring Education Group, Inc.		First Lien Debt	S +	4.00%	8.30%	10/4/2030	3,950	3,963		3,939		0.12
Vertex Service Partners, LLC	(6) (7) (9) (11)	First Lien Debt	S +	6.00%	10.30%	11/8/2030	9,801	9,594		9,801		0.29
Vertex Service Partners, LLC	(6) (11) (19)	First Lien Debt	S +	6.00%	10.30%	11/8/2030	19,137	18,726		19,137		0.56
Vertex Service Partners, LLC	(6) (11) (19)	First Lien Debt	S +	6.00%	10.30%	11/8/2030	900	849		900		0.03
Wand NewCo 3, Inc.		First Lien Debt	S +	2.50%	6.82%	1/30/2031	7,279	7,285		7,163		0.21
								350,056		350,012		10.27
Electric Utilities
Kohler Energy Co, LLC		First Lien Debt	S +	3.75%	8.05%	5/1/2031	4,591	4,630		4,512		0.13

Electrical Equipment
Spark Buyer, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.57%	10/15/2031	5,299	5,224		5,253		0.15
Spark Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.57%	10/15/2031	—	(15)		(19)		—
Spark Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.57%	10/15/2031	—	(15)		(9)		—
								5,194		5,225		0.15
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	10.96%	7/6/2028	28,407	27,704		22,264		0.65
Abracon Group Holdings, LLC	(6) (11)	First Lien Debt	S +	6.50% (incl. 4.60% PIK)	10.96%	7/6/2028	1,900	1,856		1,489		0.04
Chamberlain Group, Inc.	(14)	First Lien Debt	S +	3.25%	7.67%	11/3/2028	6,842	6,836		6,772		0.20
DG Investment Intermediate Holdings 2, Inc.		First Lien Debt	S +	3.75%	8.19%	3/31/2028	4,358	4,360		4,325		0.13
Dwyer Instruments, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	4.75%	9.05%	7/20/2029	54,333	53,654		54,060		1.59
Dwyer Instruments, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	7/20/2029	23,697	23,325		23,569		0.69
Dwyer Instruments, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	7/20/2029	316	259		288		0.01
Infinite Bidco, LLC	(6) (9) (12)	First Lien Debt	S +	6.25%	10.57%	3/2/2028	9,139	9,053		9,139		0.27
Infinite Bidco, LLC	(7) (12)	Second Lien Debt	S +	7.00%	11.55%	3/2/2029	12,800	11,240		11,032		0.32
Infinite Bidco, LLC	(12)	Second Lien Debt	S +	7.00%	11.55%	3/2/2029	4,000	3,526		3,448		0.10
Magneto Components Buyco, LLC	(6) (7) (8) (9) (11)	First Lien Debt	S +	6.00% (incl.2.58% PIK)	10.30%	12/5/2030	48,403	47,658		47,470		1.39

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Magneto Components Buyco, LLC	(6) (11) (19)	First Lien Debt	S +	6.00% (incl. 2.58% PIK)	10.30%	12/5/2030	—	$	(71)	$	(183)	-0.01	%
Magneto Components Buyco, LLC	(6) (11) (19)	First Lien Debt	S +	6.00% (incl. 2.58% PIK)	10.30%	12/5/2029	—	(113)		(153)		—
NSI Holdings, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.30%	11/15/2031	22,785	22,566		22,562		0.66
NSI Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	11/15/2031	—	(17)		(40)		—
NSI Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	11/15/2031	—	(39)		(40)		—
								211,797		206,002		6.04
Entertainment
Renaissance Holding Corp.	(12)	First Lien Debt	S +	4.00%	8.32%	4/5/2030	2,955	2,952		2,896		0.08

Financial Services
Applitools, Inc.	(6) (7) (11) (15)	First Lien Debt	S +	6.25% PIK	10.55%	5/25/2029	15,247	15,096		15,152		0.44
Applitools, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	6.25%	10.55%	5/25/2028	—	(17)		(10)		—
Boost Newco Borrower, LLC		First Lien Debt	S +	2.00%	6.30%	1/31/2031	7,481	7,506		7,423		0.22
Cerity Partners, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.25%	9.56%	7/30/2029	3,516	3,478		3,516		0.10
Cerity Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.56%	7/30/2029	9,371	9,236		9,338		0.27
Cerity Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.56%	7/28/2028	408	403		408		0.01
GC Waves Holdings, Inc.	(6) (11)	First Lien Debt	S +	4.75%	9.18%	10/4/2030	27,498	26,974		27,498		0.81
GC Waves Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.18%	10/4/2030	6,616	6,129		6,616		0.19
GC Waves Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.18%	10/4/2030	—	(27)		—		—
MAI Capital Management Intermediate, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	9.05%	8/29/2031	4,632	4,589		4,632		0.14
MAI Capital Management Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	8/29/2031	1,083	1,065		1,083		0.03
MAI Capital Management Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	8/29/2031	249	240		249		0.01
PMA Parent Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.58%	1/31/2031	3,410	3,361		3,380		0.10
PMA Parent Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	1/31/2031	—	(3)		(2)		—
RFS Opco, LLC	(6) (12)	First Lien Debt	S +	4.75%	9.05%	4/4/2031	16,915	16,973		16,915		0.50
RFS Opco, LLC	(6) (19)	First Lien Debt	S +	3.50%	7.79%	4/4/2029	17,333	17,125		17,301		0.51
SitusAMC Holdings Corp.	(6) (11)	First Lien Debt	S +	5.50%	9.90%	12/22/2027	15,768	15,723		15,768		0.46
Smarsh, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	9.05%	2/16/2029	11,250	11,174		11,174		0.33
Smarsh, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	2/16/2029	—	(4)		(4)		—
Smarsh, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	2/16/2029	214	203		203		0.01
Trintech, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.50%	9.83%	7/25/2029	69,758	68,624		69,322		2.03
Trintech, Inc.	(6) (10) (19)	First Lien Debt	S +	5.50%	9.83%	7/25/2029	1,735	1,642		1,697		0.05
								209,490		211,659		6.21


Food Products
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(6) (16)	Other Debt		16.25% PIK	16.25%	6/18/2026	500	307		36		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Teasdale Foods, Inc. (Teasdale Latin Foods)	(6) (7) (10)	First Lien Debt	S +	6.25%	10.69%	12/18/2025	3,595	$	3,503	$	3,163	0.09	%
								3,810		3,199		0.09
Ground Transportation
PODS, LLC	(11)	First Lien Debt	S +	3.00%	7.55%	3/31/2028	4,837	4,840		4,361		0.13
SV Newco 2, Inc.	(6) (11) (15)	First Lien Debt	S +	4.75%	9.05%	6/2/2031	35,105	34,625		34,971		1.03
SV Newco 2, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	6/2/2031	8,666	8,457		8,582		0.25
SV Newco 2, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	6/2/2031	—	(175)		(51)		—
								47,747		47,863		1.40
Health Care Equipment & Supplies
Journey Personal Care Corp.	(11)	First Lien Debt	S +	3.75%	8.05%	3/1/2028	4,952	4,900		4,890		0.14
Medline Borrower, LP	(12)	First Lien Debt	S +	2.25%	6.57%	10/23/2028	6,668	6,670		6,652		0.20
PerkinElmer U.S., LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.00%	9.32%	3/13/2029	27,310	26,739		27,310		0.80
Tidi Legacy Products, Inc.	(6) (7) (9) (10)	First Lien Debt	S +	5.25%	9.58%	12/19/2029	11,112	10,932		11,112		0.33
Tidi Legacy Products, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	12/19/2029	—	(23)		—		—
Tidi Legacy Products, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	12/19/2029	—	(33)		—		—
YI, LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.75%	10.05%	12/3/2029	17,665	17,375		17,634		0.52
YI, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.05%	12/3/2029	—	(29)		(7)		—
YI, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.05%	12/3/2029	—	(43)		(5)		—
								66,488		67,586		1.98
Health Care Providers & Services
Advarra Holdings, Inc.	(6) (9) (11)	First Lien Debt	S +	4.50%	8.83%	9/15/2031	12,882	12,658		12,882		0.38
Advarra Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	9/15/2031	—	(3)		—		—
CHG Healthcare Services, Inc.	(12)	First Lien Debt	S +	3.00%	7.31%	9/29/2028	4,838	4,849		4,828		0.14
CNT Holdings I Corp.	(11)	First Lien Debt	S +	2.50%	6.80%	11/8/2032	6,850	6,860		6,801		0.20
DCA Investment Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	6.50%	10.73%	4/3/2028	49,701	49,199		48,682		1.43
DCA Investment Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	6.50%	10.73%	4/3/2028	3,817	3,772		3,739		0.11
Electron BidCo, Inc.	(12)	First Lien Debt	S +	2.75%	7.07%	11/1/2028	6,860	6,865		6,842		0.20
Ensemble RCM, LLC		First Lien Debt	S +	3.00%	7.29%	8/1/2029	4,606	4,615		4,598		0.13
Gateway US Holdings, Inc.	(6) (7) (8) (11) (15)	First Lien Debt	S +	4.75%	9.05%	9/22/2028	11,899	11,843		11,899		0.35
Gateway US Holdings, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	9/22/2028	3,355	3,327		3,355		0.10
Gateway US Holdings, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.05%	9/22/2028	—	(2)		—		—
Heartland Veterinary Partners, LLC	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	6,312	6,302		6,312		0.19
Heartland Veterinary Partners, LLC	(6) (7) (10)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	772	767		769		0.02
Heartland Veterinary Partners, LLC	(6) (7) (10)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	14,292	14,272		14,292		0.42
Heartland Veterinary Partners, LLC	(6) (10)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	300	298		299		0.01

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Heartland Veterinary Partners, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	—	$	(2)	$	—	—	%
iCIMS, Inc.	(6) (7) (11)	First Lien Debt	S +	5.75%	10.04%	8/18/2028	16,989	16,856		16,989		0.50
iCIMS, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.04%	8/18/2028	68	65		68		—
Imagine 360, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	9.05%	10/2/2028	13,299	13,181		13,263		0.39
Imagine 360, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	10/2/2028	—	(8)		(5)		—
Imagine 360, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	10/2/2028	—	(10)		(3)		—
Intelerad Medical Systems Incorporated	(6) (10) (15)	First Lien Debt	S +	6.50%	10.94%	8/21/2026	9,396	9,263		9,114		0.27
Intelerad Medical Systems Incorporated	(6) (10) (15)	First Lien Debt	S +	6.50%	10.94%	8/21/2026	650	644		630		0.02
Invictus Buyer, LLC	(6) (11)	First Lien Debt	S +	4.75%	9.05%	6/3/2031	6,045	5,989		6,022		0.18
Invictus Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/3/2031	—	(11)		(9)		—
Invictus Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/3/2031	—	(8)		(4)		—
LSCS Holdings, Inc.	(14)	First Lien Debt	S +	4.50%	8.80%	3/4/2032	3,500	3,504		3,489		0.10
MED ParentCo, LP		First Lien Debt	S +	3.50%	7.82%	4/15/2031	2,992	3,007		2,986		0.09
Medical Solutions Holdings, Inc.	(12)	First Lien Debt	S +	3.50%	7.89%	11/1/2028	5,340	5,337		3,407		0.10
Midwest Physician Administrative Services, LLC	(11)	First Lien Debt	S +	3.00%	7.56%	3/12/2028	3,869	3,864		3,356		0.10
National Mentor Holdings, Inc.	(11)	First Lien Debt	S +	3.75%	8.16%	3/2/2028	2,713	2,700		2,622		0.08
Pacific Dental Services, LLC		First Lien Debt	S +	2.75%	7.07%	3/15/2031	2,970	2,980		2,950		0.09
Pareto Health Intermediate Holdings, Inc.	(6) (9) (10)	First Lien Debt	S +	5.00%	9.22%	6/3/2030	76,502	75,284		76,215		2.24
Pareto Health Intermediate Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.22%	6/1/2029	—	(148)		(40)		—
PPV Intermediate Holdings, LLC	(6) (9) (11)	First Lien Debt	S +	5.75%	10.06%	8/31/2029	27,638	26,831		27,638		0.81
PPV Intermediate Holdings, LLC	(6) (11)	First Lien Debt	S +	6.00%	10.31%	8/31/2029	26,424	26,243		26,424		0.78
Promptcare Infusion Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	6.00%	10.42%	9/1/2027	3,800	3,784		3,724		0.11
Promptcare Infusion Buyer, Inc.	(6) (10)	First Lien Debt	S +	6.00%	10.42%	9/1/2027	592	589		580		0.02
Raven Acquisition Holdings, LLC	(15)	First Lien Debt	S +	3.25%	7.57%	11/19/2031	4,667	4,644		4,606		0.14
Raven Acquisition Holdings, LLC	(15) (19)	First Lien Debt	S +	3.25%	7.57%	11/19/2031	—	(2)		(4)		—
Stepping Stones Healthcare Services, LLC	(6) (7) (11)	First Lien Debt	S +	5.00%	9.30%	1/2/2029	8,487	8,448		8,487		0.25
Stepping Stones Healthcare Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	1/2/2029	2,590	2,562		2,590		0.08
Stepping Stones Healthcare Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	12/30/2026	—	(3)		—		—
Suveto Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	9/9/2027	5,234	5,113		5,224		0.15
Suveto Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	9/9/2027	—	(13)		(1)		—
Tivity Health, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.33%	6/28/2029	17,951	17,817		17,929		0.53
TTF Holdings, LLC		First Lien Debt	S +	3.75%	8.00%	7/18/2031	1,995	2,012		1,953		0.06
Vardiman Black Holdings, LLC	(6) (7) (8) (12)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.42%	3/18/2027	15,631	15,631		15,377		0.45
Vardiman Black Holdings, LLC	(6) (12) (13) (19)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.42%	3/18/2027	1,686	1,650		1,656		0.05
								383,415		382,531		11.22

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Health Care Technology
Athenahealth, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	2/15/2029	7,341		$	7,322	$	7,237	0.21	%
Hyland Software, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.33%	9/19/2030	77,067		76,192		77,067		2.26
Hyland Software, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	9/19/2029	—		(37)		—		—
Imprivata, Inc.	(12)	First Lien Debt	S +	3.50%	7.79%	12/1/2027	6,404		6,403		6,395		0.19
Lightspeed Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	9.05%	2/3/2027	10,072		10,047		10,072		0.30
Lightspeed Buyer, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	2/3/2027	654		645		654		0.02
Lightspeed Buyer, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	2/3/2027	—		(2)		—		—
MedAssets Software Intermediate Holdings, Inc.	(12)	First Lien Debt	S +	4.00%	8.38%	12/15/2028	6,135		6,135		5,567		0.16
Press Ganey Holdings, Inc.	(14)	First Lien Debt	S +	3.25%	7.57%	4/30/2031	2,992		2,989		2,974		0.09
Project Ruby Ultimate Parent Corp.		First Lien Debt	S +	3.00%	7.44%	3/10/2028	5,334		5,334		5,313		0.16
Symplr Software, Inc.	(11)	First Lien Debt	S +	4.50%	8.89%	12/22/2027	4,836		4,843		4,193		0.12
									119,871		119,472		3.51
Household Durables
ACProducts, Inc.	(12)	First Lien Debt	S +	4.25%	8.81%	5/17/2028	4,837		4,826		3,164		0.09
Madison Safety & Flow, LLC	(14)	First Lien Debt	S +	2.75%	7.07%	9/26/2031	5,000		5,013		4,989		0.15
									9,839		8,153		0.24
Independent Power and Renewable Electricity Producers
Lightning Power, LLC		First Lien Debt	S +	2.25%	6.55%	8/18/2031	6,982		6,991		6,935		0.20

Industrial Conglomerates
Aptean, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.25%	9.56%	1/30/2031	71,875		71,277		71,667		2.10
Aptean, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	1/30/2031	1,418		1,389		1,406		0.04
Aptean, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	1/30/2031	—		(48)		(17)		—
Excelitas Technologies Corp.	(6) (9) (11)	First Lien Debt	S +	5.25%	9.58%	8/13/2029	30,707		30,280		30,553		0.90
Excelitas Technologies Corp.	(6)	First Lien Debt	E +	5.25%	7.61%	8/13/2029	€	5,603	5,718		6,022		0.18
Excelitas Technologies Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	8/13/2029	—		(89)		(65)		—
Excelitas Technologies Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	8/14/2028	—		(35)		(16)		—
Raptor Merger Sub Debt, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.50%	9.80%	4/1/2029	45,465		44,799		45,207		1.33
Raptor Merger Sub Debt, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	9.80%	4/1/2029	930		880		910		0.03
									154,171		155,667		4.57
Insurance Services
Acrisure, LLC		First Lien Debt	S +	3.00%	7.32%	11/6/2030	4,988		4,975		4,947		0.15
Alliant Holdings Intermediate, LLC		First Lien Debt	S +	2.75%	7.07%	9/19/2031	7,139		7,148		7,091		0.21
Amerilife Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.26%	8/31/2029	30,921		30,632		30,921		0.91
Amerilife Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.26%	8/31/2029	1,765		1,740		1,752		0.05
Amerilife Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.26%	8/31/2028	—		(13)		—		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
AssuredPartners, Inc.	(12) (14)	First Lien Debt	S +	3.50%	7.82%	2/14/2031	7,451	$	7,469	$	7,456	0.22	%
Broadstreet Partners, Inc.	(14)	First Lien Debt	S +	3.00%	7.32%	6/13/2031	7,500	7,484		7,428		0.22
Fetch Insurance Services, LLC	(6)	Other Debt		12.75% (incl. 3.75% PIK)	12.75%	10/31/2027	3,133	3,079		3,101		0.09
Foundation Risk Partners Corp.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.30%	10/29/2030	34,886	34,589		34,886		1.02
Foundation Risk Partners Corp.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	10/29/2030	18,512	18,298		18,509		0.54
Foundation Risk Partners Corp.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	10/29/2029	—	(19)		—		—
Galway Borrower, LLC	(6) (7) (8) (9) (11)	First Lien Debt	S +	4.50%	8.80%	9/29/2028	51,399	50,714		51,399		1.51
Galway Borrower, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	9/29/2028	21,049	20,755		21,049		0.62
Galway Borrower, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.80%	9/29/2028	1,165	1,126		1,165		0.03
Higginbotham Insurance Agency, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.50%	8.83%	11/24/2028	20,065	19,988		19,955		0.59
Higginbotham Insurance Agency, Inc.	(6) (10) (19)	First Lien Debt	S +	4.50%	8.83%	11/24/2028	9,532	9,399		9,432		0.28
High Street Buyer, Inc.	(6) (7) (11)	First Lien Debt	S +	5.25%	9.55%	4/14/2028	4,184	4,182		4,184		0.12
High Street Buyer, Inc.	(6) (7) (11)	First Lien Debt	S +	5.25%	9.55%	4/14/2028	48,022	47,447		48,022		1.41
High Street Buyer, Inc.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	4/16/2027	—	(1)		—		—
HUB International Limited	(11)	First Lien Debt	S +	2.50%	6.79%	6/20/2030	4,950	4,956		4,926		0.14
Inszone Mid, LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.25%	9.55%	11/30/2029	13,803	13,576		13,803		0.40
Inszone Mid, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	11/30/2029	18,267	17,900		18,267		0.54
Inszone Mid, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	11/30/2029	—	(49)		—		—
Integrity Marketing Acquisition, LLC	(6) (7) (8) (9) (11)	First Lien Debt	S +	5.00%	9.31%	8/25/2028	112,028	112,028		112,028		3.29
Integrity Marketing Acquisition, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	8/25/2028	—	—		—		—
Long Term Care Group, Inc.	(6) (7) (8) (11) (13)	First Lien Debt	S +	6.00%	10.53%	9/8/2027	14,753	14,378		12,872		0.38
Patriot Growth Insurance Services, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.45%	10/16/2028	6,421	6,348		6,421		0.19
Patriot Growth Insurance Services, LLC	(6) (11)	First Lien Debt	S +	5.00%	9.45%	10/14/2028	24,697	24,406		24,697		0.72
Patriot Growth Insurance Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.45%	10/16/2028	234	229		234		0.01
Peter C. Foy & Associates Insurance Services, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.90%	11/1/2028	22,870	22,695		22,751		0.67
Peter C. Foy & Associates Insurance Services, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.90%	11/1/2028	24,467	24,304		24,297		0.71
Peter C. Foy & Associates Insurance Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	9.90%	11/1/2027	—	(1)		(4)		—
RSC Acquisition, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	9.05%	11/1/2029	18,460	18,417		18,446		0.54
RSC Acquisition, Inc.	(6) (11)	First Lien Debt	S +	4.75%	9.05%	11/1/2029	54,158	53,838		54,118		1.59
Truist Insurance Holdings, LLC	(14)	First Lien Debt	S +	2.75%	7.05%	5/6/2031	5,000	4,984		4,963		0.15
USI, Inc.		First Lien Debt	S +	2.25%	6.55%	9/29/2030	2,963	2,971		2,931		0.09
USI, Inc.		First Lien Debt	S +	2.25%	6.55%	11/21/2029	1,975	1,979		1,954		0.06

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
World Insurance Associates, LLC	(6) (7) (8) (9) (10)	First Lien Debt	S +	5.00%	9.30%	4/3/2030	100,799	$	99,479	$	99,791	2.93	%
World Insurance Associates, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	4/3/2030	—	(15)		(10)		—
								691,415		693,782		20.36
Interactive Media & Services
Arches Buyer, Inc.	(12)	First Lien Debt	S +	3.25%	7.67%	12/6/2027	2,418	2,413		2,364		0.07
FMG Suite Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	5.00%	9.39%	10/30/2026	9,258	9,191		9,237		0.27
FMG Suite Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	5.00%	9.39%	10/30/2026	1,938	1,923		1,933		0.06
FMG Suite Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.39%	10/30/2026	—	(8)		(2)		—
Spectrio, LLC	(6) (7) (10)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	10.31%	12/9/2026	11,490	11,073		10,293		0.30
Spectrio, LLC	(6) (7) (10)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	10.31%	12/9/2026	4,604	4,437		4,124		0.12
Spectrio, LLC	(6) (10) (19)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	10.31%	12/9/2026	1,230	1,183		1,089		0.03
Triple Lift, Inc.	(6) (8) (11)	First Lien Debt	S +	5.75%	10.21%	5/5/2028	16,157	15,432		15,641		0.46
Triple Lift, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.21%	5/5/2028	—	(96)		(55)		—
								45,548		44,624		1.31
IT Services
Apollo Acquisition, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	16,755	16,592		16,535		0.49
Apollo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	—	(28)		(77)		—
Apollo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	12/30/2030	—	(22)		(31)		—
Asurion, LLC		First Lien Debt	S +	4.25%	8.57%	9/19/2030	7,324	7,311		7,221		0.21
Atlas Purchaser, Inc.	(6) (7)	First Lien Debt	S+	7.50% (incl. 5.50% PIK)	11.94%	5/5/2028	1,093	915		1,093		0.03
Atlas Purchaser, Inc.	(6) (7)	First Lien Debt	S +	7.50% (incl. 6.50% PIK)	11.94%	5/5/2028	2,524	1,674		1,287		0.04
Catalis Intermediate, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.50%	9.95%	8/4/2027	23,319	22,816		23,086		0.68
Catalis Intermediate, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.95%	8/4/2027	5,247	5,138		5,194		0.15
Catalis Intermediate, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.95%	8/4/2027	907	854		881		0.03
Endure Digital, Inc.		First Lien Debt	S +	3.50%	7.93%	2/10/2028	5,394	5,341		3,830		0.11
Gainwell Acquisition Corp.	(11)	First Lien Debt	S +	4.00%	8.40%	10/1/2027	6,770	6,785		6,336		0.19
GI DI Cornfield Acquisition, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.92%	3/9/2028	31,687	31,304		31,497		0.92
GI DI Cornfield Acquisition, LLC	(6) (19)	First Lien Debt	S +	4.50%	8.92%	3/9/2028	—	(95)		(98)		—
Idera, Inc.	(6) (7) (11)	Second Lien Debt	S +	6.75%	11.19%	3/2/2029	355	355		355		0.01
Redwood Services Group, LLC	(6) (7) (9) (11)	First Lien Debt	S +	5.25%	9.55%	6/15/2029	50,406	49,780		50,106		1.47
Redwood Services Group, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	6/15/2029	34,094	33,619		33,857		0.99
Ridge Trail US Bidco, Inc.	(6) (7) (10) (15)	First Lien Debt	S +	4.50%	8.80%	9/30/2031	48,858	48,164		48,297		1.42
Ridge Trail US Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	4.50%	8.80%	9/30/2031	—	(118)		(194)		-0.01
Ridge Trail US Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	4.50%	8.80%	3/31/2031	1,520	1,442		1,455		0.04
Sedgwick Claims Management Services, Inc.		First Lien Debt	S +	3.00%	7.31%	7/31/2031	7,429	7,452		7,401		0.22
Syntax Systems, Ltd.	(6) (7) (11) (15)	First Lien Debt	S +	5.00%	9.42%	10/27/2028	18,558	18,484		18,493		0.54
Thrive Buyer, Inc. (Thrive Networks)	(6) (7) (11)	First Lien Debt	S +	4.75%	9.05%	2/2/2032	43,971	43,539		43,539		1.28

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Thrive Buyer, Inc. (Thrive Networks)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	2/2/2032	612	$	534	$	534	0.02	%
Thrive Buyer, Inc. (Thrive Networks)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	2/2/2032	—	(56)		(56)		—
UpStack, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.32%	8/25/2031	5,525	5,473		5,442		0.16
UpStack, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.32%	8/25/2031	425	413		393		0.01
UpStack, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.32%	8/25/2031	191	183		179		0.01
Victors Purchaser, LLC	(6) (12)	First Lien Debt	S +	4.75%	9.05%	8/15/2031	11,251	11,146		11,250		0.33
Victors Purchaser, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.05%	8/15/2031	582	567		581		0.02
Victors Purchaser, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.05%	8/15/2031	—	(11)		—		—
Virtusa Corporation	(14)	First Lien Debt	S +	3.25%	7.57%	2/15/2029	4,987	5,000		4,973		0.15
								324,551		323,359		9.49
Leisure Products
Recess Holdings, Inc.		First Lien Debt	S +	3.75%	8.05%	2/20/2030	6,471	6,517		6,463		0.19

Life Sciences Tools & Services
Model N, Inc.	(6) (8) (11)	First Lien Debt	S +	4.75%	9.05%	6/27/2031	19,797	19,615		19,797		0.58
Model N, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/27/2031	—	(24)		—		—
Model N, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	6/27/2031	—	(26)		—		—
Parexel International Corporation	(12)	First Lien Debt	S +	2.50%	6.82%	11/15/2028	6,528	6,536		6,510		0.19
WCG Intermediate Corp.	(14)	First Lien Debt	S +	3.00%	7.32%	2/25/2032	3,000	2,989		2,966		0.09
								29,090		29,273		0.86

Machinery
AI Aqua Merger Sub, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	7/31/2028	7,393	7,398		7,317		0.21
Answer Acquisition, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.45%	12/30/2026	38,834	38,530		37,944		1.11
Answer Acquisition, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.45%	12/30/2026	467	447		387		0.01
Chase Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	10/30/2028	13,640	13,412		13,640		0.40
Chase Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	10/30/2028	109	95		109		—
Conair Holdings, LLC	(12)	First Lien Debt	S +	3.75%	8.19%	5/17/2028	3,870	3,872		3,326		0.10
CPM Holdings, Inc.	(12)	First Lien Debt	S +	4.50%	8.82%	9/28/2028	4,987	4,906		4,895		0.14
Engineered Machinery Holdings, Inc.	(11) (14)	First Lien Debt	S +	3.75%	8.31%	5/19/2028	6,378	6,373		6,374		0.19
Filtration Group Corporation	(12)	First Lien Debt	S +	3.00%	7.32%	10/21/2028	7,350	7,366		7,336		0.22
Icebox Holdco III, Inc.	(12)	First Lien Debt	S +	3.50%	8.06%	12/22/2028	5,417	5,440		5,415		0.16
Madison IAQ, LLC	(12)	First Lien Debt	S +	2.50%	6.76%	6/21/2028	4,849	4,846		4,787		0.14
MHE Intermediate Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.44%	7/21/2027	7,791	7,769		7,753		0.23
MHE Intermediate Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.44%	7/21/2027	6,413	6,363		6,373		0.19
MHE Intermediate Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.44%	7/21/2027	429	429		422		0.01
Pro Mach Group, Inc.	(14)	First Lien Debt	S +	2.75%	7.07%	8/31/2028	7,238	7,272		7,214		0.21

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Roper Industrial Products Investment Company, LLC	(12)	First Lien Debt	S +	2.75%	7.05%	11/22/2029	3,960	$	3,978	$	3,937	0.12	%
TK Elevator US Newco, Inc.	(12) (14)	First Lien Debt	S +	3.50%	7.74%	4/30/2030	7,330	7,353		7,305		0.21
								125,849		124,534		3.65
Media
Aragorn Parent Corporation		First Lien Debt	S +	4.00%	8.32%	12/15/2028	5,799	5,789		5,808		0.17
MJH Healthcare Holdings, LLC		First Lien Debt	S +	3.25%	7.67%	1/28/2029	4,482	4,491		4,454		0.13
								10,280		10,262		0.30
Multi-Utilities
AWP Group Holdings, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	9.08%	12/23/2030	48,484	47,339		48,484		1.42
AWP Group Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	12/23/2030	5,603	5,494		5,603		0.16
AWP Group Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	12/23/2030	1,047	997		1,047		0.03
Vessco Midco Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	9.05%	7/24/2031	33,937	33,624		33,937		1.00
Vessco Midco Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	7/24/2031	2,979	2,915		2,979		0.09
Vessco Midco Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.05%	7/24/2031	—	(34)		—		—
								90,335		92,050		2.70
Pharmaceuticals
Caerus US 1, Inc.	(6) (7) (9) (11) (15)	First Lien Debt	S +	5.00%	9.30%	5/25/2029	40,707	40,087		39,565		1.16
Caerus US 1, Inc.	(6) (11) (15)	First Lien Debt	S +	5.00%	9.30%	5/25/2029	5,957	5,860		5,790		0.17
Caerus US 1, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.00%	9.30%	5/25/2029	109	49		(13)		—
								45,996		45,342		1.33
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (7)	First Lien Debt	S +	6.25%	10.54%	3/10/2027	1,395	1,349		1,395		0.04
Abacus Data Holdings, Inc. (AbacusNext)	(6) (19)	First Lien Debt	S +	6.25%	10.54%	3/10/2027	—	(19)		—		—
Accordion Partners, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.55%	11/17/2031	53,217	52,706		52,981		1.55
Accordion Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	11/17/2031	1,419	1,377		1,380		0.04
Accordion Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	11/17/2031	—	(56)		(26)		—
Ascend Partner Services, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.75%	8/11/2031	1,303	1,291		1,303		0.04
Ascend Partner Services, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.75%	8/11/2031	633	620		633		0.02
Ascend Partner Services, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.75%	8/11/2031	144	140		144		—
Bridgepointe Technologies, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.30%	12/31/2027	18,621	18,271		18,539		0.54
Bridgepointe Technologies, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	12/31/2027	24,715	24,230		24,598		0.72
Bullhorn, Inc.	(6) (7) (10)	First Lien Debt	S +	5.00%	9.33%	10/1/2029	3,429	3,407		3,429		0.10
Bullhorn, Inc.	(6) (10)	First Lien Debt	S +	5.00%	9.33%	10/1/2029	3,944	3,925		3,944		0.12
Bullhorn, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	10/1/2029	—	(2)		—		—
Carr, Riggs and Ingram Capital, LLC	(6) (7) (12)	First Lien Debt	S +	4.75%	9.07%	11/18/2031	14,663	14,522		14,516		0.43
Carr, Riggs and Ingram Capital, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.07%	11/18/2031	1,211	1,176		1,137		0.03

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Carr, Riggs and Ingram Capital, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.07%	11/18/2031	850	$	818	$	816	0.02	%
Citrin Cooperman Advisors, LLC	(6) (11)	First Lien Debt	S +	5.00%	9.30%	10/1/2027	8,583	8,525		8,583		0.25
Citrin Cooperman Advisors, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	10/1/2027	14,704	14,663		14,704		0.43
ComPsych Investment Corp.	(6) (8) (11)	First Lien Debt	S +	4.75%	9.04%	7/22/2031	16,261	16,186		16,261		0.48
ComPsych Investment Corp.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.04%	7/22/2031	—	(11)		—		—
CoreLogic, Inc.	(12)	First Lien Debt	S +	3.50%	7.94%	6/2/2028	4,974	4,963		4,870		0.14
Crisis Prevention Institute, Inc.	(12)	First Lien Debt	S +	4.00%	8.30%	4/9/2031	17,955	17,874		17,940		0.53
Deerfield Dakota Holding, LLC		First Lien Debt	S +	3.75%	8.05%	4/9/2027	4,835	4,846		4,578		0.13
EAB Global, Inc.		First Lien Debt	S +	3.00%	7.32%	8/16/2030	3,950	3,948		3,819		0.11
Employbridge Holding Company		First Lien Debt	S +	4.75%	9.31%	1/19/2030	2,286	1,278		920		0.03
GPS Merger Sub, LLC	(6) (8) (10)	First Lien Debt	S +	6.00%	10.33%	10/2/2029	15,909	15,690		15,857		0.47
GPS Merger Sub, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.33%	10/2/2029	—	(25)		(12)		—
GPS Merger Sub, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.33%	10/2/2029	—	(37)		(10)		—
IG Investment Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.29%	9/22/2028	33,179	32,878		33,013		0.97
IG Investment Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.29%	9/22/2028	—	(33)		(19)		—
KENG Acquisition, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	9.33%	8/1/2029	11,008	10,795		10,884		0.32
KENG Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	8/1/2029	5,231	5,085		5,114		0.15
KENG Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	8/1/2029	—	(54)		(34)		—



Mermaid Bidco, Inc.		First Lien Debt	S +	3.25%	7.55%	7/3/2031	3,990	4,004		3,987		0.12
Project Boost Purchaser, LLC	(6) (8) (11)	First Lien Debt	S +	5.25%	8.90%	5/2/2029	11,992	11,914		11,992		0.35
Project Boost Purchaser, LLC	(11)	First Lien Debt	S +	5.25%	8.90%	7/16/2031	4,988	4,994		4,956		0.15
Project Boost Purchaser, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	8.90%	5/2/2028	545	541		545		0.02
Teneo Holdings, LLC		First Lien Debt	S +	4.75%	9.07%	3/13/2031	2,992	3,015		2,992		0.09
Tidal Waste & Recycling Holdings, LLC		First Lien Debt	S +	3.50%	7.80%	10/24/2031	2,000	2,007		1,998		0.06
UHY Advisors, Inc.	(6) (9) (11)	First Lien Debt	S +	4.75%	9.06%	11/21/2031	7,727	7,653		7,698		0.23
UHY Advisors, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	11/21/2031	—	(37)		(29)		—
UHY Advisors, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	11/21/2031	455	435		447		0.01
Verdantas, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.58%	5/6/2031	33,008	32,560		32,988		0.97
Verdantas, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	5/6/2031	1,394	1,347		1,391		0.04
Verdantas, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	5/6/2030	—	(45)		(2)		—
								328,714		330,220		9.69
Real Estate Management & Development
Associations, Inc.	(6) (10)	First Lien Debt	S +	6.50%	11.07%	7/3/2028	10,866	10,857		10,866		0.32
Associations, Inc.	(6) (10) (19)	First Lien Debt	S +	6.50%	11.07%	7/3/2028	210	209		210		0.01
Associations, Inc.	(6) (10) (19)	First Lien Debt	S +	6.50%	11.07%	7/3/2028	502	501		502		0.01
Inhabitiq, Inc.	(6) (7) (11)	First Lien Debt	S +	4.50%	8.83%	1/12/2032	17,224	17,140		17,140		0.50
Inhabitiq, Inc.	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	1/12/2032	—	(12)		(12)		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Inhabitiq, Inc.	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	1/12/2032	—	$	(14)	$	(15)	—	%
MRI Software, LLC	(6) (7) (10)	First Lien Debt	S +	4.75%	9.05%	2/10/2027	68,602	68,456		68,200		2.00
MRI Software, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	2/10/2027	2,307	2,260		2,263		0.07
MRI Software, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	2/10/2027	304	282		272		0.01
Pritchard Industries, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	10.04%	10/13/2027	10,693	10,563		10,634		0.31
Pritchard Industries, LLC	(6) (11)	First Lien Debt	S +	5.50%	10.04%	10/13/2027	2,557	2,526		2,542		0.07
Zarya Intermediate, LLC	(6) (10) (15)	First Lien Debt	S +	6.50%	10.81%	7/1/2027	38,771	38,737		38,771		1.14
Zarya Intermediate, LLC	(6) (10) (15) (19)	First Lien Debt	S +	6.50%	10.81%	7/1/2027	—	—		—		—
								151,505		151,373		4.44
Software
Alert Media, Inc.	(6) (10)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.04%	4/12/2027	32,232	31,755		32,113		0.94
Alert Media, Inc.	(6) (10) (19)	First Lien Debt	S +	6.75%	11.04%	4/12/2027	—	(40)		(17)		—
Anaplan, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.00%	9.30%	6/21/2029	80,572	79,717		80,572		2.36
Appfire Technologies, LLC	(6) (7) (10)	First Lien Debt	S +	5.00%	9.30%	3/9/2028	13,435	13,393		13,435		0.39
Appfire Technologies, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	3/9/2028	—	(21)		—		—
Appfire Technologies, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.30%	3/9/2028	—	(5)		—		—
Applied Systems, Inc.		First Lien Debt	S +	2.75%	7.05%	2/24/2031	3,970	3,988		3,966		0.12
Apryse Software Corp.	(6) (7) (10) (15)	First Lien Debt	S +	5.00%	9.29%	7/15/2027	13,862	13,862		13,862		0.41
Apryse Software Corp.	(6) (10) (15) (19)	First Lien Debt	S +	5.00%	9.29%	7/15/2026	1,100	1,100		1,100		0.03
Artifact Bidco, Inc.	(6)	First Lien Debt	S +	4.50%	8.80%	7/28/2031	21,837	21,635		21,837		0.64
Artifact Bidco, Inc.	(6) (19)	First Lien Debt	S +	4.50%	8.80%	7/28/2031	—	(24)		—		—
Artifact Bidco, Inc.	(6) (19)	First Lien Debt	S +	4.50%	8.80%	7/26/2030	—	(34)		—		—
Astra Acquisition Corp.	(12)	First Lien Debt	S +	5.25%	10.17%	2/25/2028	846	760		505		0.01
Astra Acquisition Corp.	(12)	First Lien Debt	S +	5.25%	10.17%	10/25/2028	1,185	676		12		—
AuditBoard, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	9.05%	7/14/2031	34,200	33,884		34,200		1.00
AuditBoard, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	7/14/2031	—	(73)		—		—
AuditBoard, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.05%	7/14/2031	—	(58)		—		—
Banyan Software Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	5.25%	9.58%	1/2/2031	30,435	30,140		30,140		0.88
Banyan Software Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	1/2/2031	6,335	6,225		6,225		0.18
Banyan Software Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	1/2/2031	—	(31)		(31)		—
Bottomline Technologies, Inc.	(6) (11)	First Lien Debt	S +	5.75%	10.05%	5/14/2029	23,703	23,380		23,703		0.70
Bottomline Technologies, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.05%	5/15/2028	—	(18)		—		—
Central Parent, Inc.		First Lien Debt	S +	3.25%	7.55%	7/6/2029	3,980	3,985		3,406		0.10
CLEO Communications Holding, LLC	(6) (7) (10)	First Lien Debt	S +	5.50%	9.93%	6/9/2027	16,971	16,866		16,971		0.50
CLEO Communications Holding, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.93%	6/9/2027	—	(32)		—		—
Cloud Software Group, Inc.	(12)	First Lien Debt	S +	3.50%	7.80%	3/30/2029	7,431	7,418		7,355		0.22

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Cloudera, Inc.	(12)	First Lien Debt	S +	3.75%	8.17%	10/8/2028	7,417	$	7,371	$	7,306	0.21	%
Clover Holdings 2, LLC		First Lien Debt	S +	4.00%	8.29%	12/9/2031	6,000	5,996		5,925		0.17
Clover Holdings SPV III, LLC		First Lien Debt			15.00%	12/9/2027	281	276		286		0.01
Coupa Holdings, LLC	(6) (9) (11)	First Lien Debt	S +	5.25%	9.54%	2/27/2030	20,870	20,468		20,826		0.61
Coupa Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.54%	2/27/2030	—	(7)		(2)		—
Coupa Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.54%	2/27/2029	—	(9)		(1)		—
Cyara AcquisitionCo, LLC	(6) (10)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.55%	6/28/2029	62,713	61,507		62,713		1.84
Cyara AcquisitionCo, LLC	(6) (10) (19)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.55%	6/28/2029	—	(74)		—		—
Diligent Corporation	(6) (11)	First Lien Debt	S +	5.00%	9.31%	8/2/2030	73,157	72,670		72,938		2.14
Diligent Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	8/2/2030	—	(68)		(32)		—
Diligent Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	8/2/2030	—	(46)		(21)		—
Dragon Buyer, Inc.	(14)	First Lien Debt	S +	3.00%	7.30%	9/30/2031	4,988	4,990		4,943		0.15
E-Discovery AcquireCo, LLC	(6) (7) (10)	First Lien Debt	S +	5.75%	10.02%	8/29/2029	36,747	36,075		36,672		1.08
E-Discovery AcquireCo, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.02%	8/29/2029	871	804		871		0.03
ECI Macola Max Holding, LLC	(11)	First Lien Debt	S +	3.25%	7.55%	5/9/2030	4,837	4,843		4,833		0.14
Ellucian Holdings, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	10/9/2029	4,339	4,338		4,328		0.13
Epicor Software Corporation	(11)	First Lien Debt	S +	2.75%	7.07%	5/30/2031	5,162	5,166		5,144		0.15
Espresso Bidco, Inc.	(6) (10)	First Lien Debt	S +	5.25%	9.55%	3/25/2032	26,786	26,385		26,385		0.77
Espresso Bidco, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	3/25/2032	—	(55)		(55)		—
Espresso Bidco, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	3/25/2032	—	(49)		(49)		—
Everbridge Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.31%	7/2/2031	60,661	60,382		60,661		1.78
Everbridge Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	7/2/2031	7,139	7,082		7,139		0.21
Everbridge Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.31%	7/2/2031	—	(33)		—		—
Formstack Acquisition Co	(6) (10)	First Lien Debt	S +	5.25%	9.55%	3/28/2030	58,109	57,362		56,998		1.67
Formstack Acquisition Co	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	3/28/2030	5,781	5,596		5,336		0.16
Formstack Acquisition Co	(6) (10) (19)	First Lien Debt	S +	5.25%	9.55%	3/28/2030	1,870	1,726		1,647		0.05
Fullsteam Operations, LLC	(6) (7) (10)	First Lien Debt	S +	8.25%	12.71%	11/27/2029	19,976	19,481		19,976		0.59
Fullsteam Operations, LLC	(6) (10) (19)	First Lien Debt	S +	8.25%	12.71%	11/27/2029	22,222	21,678		22,222		0.65
Fullsteam Operations, LLC	(6) (10) (19)	First Lien Debt	S +	8.25%	12.71%	11/27/2029	—	(26)		—		—
GoTo Group, Inc.		First Lien Debt	S +	4.75%	9.19%	4/28/2028	4,784	4,145		3,411		0.10
Granicus, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.04%	1/17/2031	62,924	62,410		62,924		1.85
Granicus, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.04%	1/17/2031	12,915	12,833		12,915		0.38
Granicus, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.04%	1/17/2031	—	(71)		—		—
GS AcquisitionCo, Inc.	(6) (7) (10)	First Lien Debt	S +	5.25%	9.55%	5/25/2028	62,392	62,213		62,392		1.83

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
GS AcquisitionCo, Inc.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	5/25/2028	861		$	852	$	861	0.03	%
GS AcquisitionCo, Inc.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	5/22/2028	—		(18)		—		—
Hootsuite, Inc.	(6) (15)	First Lien Debt	S +	5.50%	9.80%	5/22/2030	18,758		18,508		18,711		0.55
Hootsuite, Inc.	(6) (15) (19)	First Lien Debt	S +	5.50%	9.80%	5/22/2030	—		(27)		(5)		—
Icefall Parent, Inc.	(6) (7) (10)	First Lien Debt	S +	6.50%	10.79%	1/25/2030	25,949		25,507		25,802		0.76
Icefall Parent, Inc.	(6) (10) (19)	First Lien Debt	S +	6.50%	10.79%	1/25/2030	—		(40)		(14)		—
Ivanti Software, Inc.		First Lien Debt	S +	4.25%	8.82%	12/1/2027	2,425		2,427		1,731		0.05
LegitScript, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.75%	10.08%	6/24/2029	36,890		36,444		36,890		1.08
LegitScript, LLC	(6) (11)	First Lien Debt	S +	5.75%	10.08%	6/24/2029	975		964		975		0.03
LegitScript, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.08%	6/24/2028	1,875		1,819		1,875		0.06
LogRhythm, Inc.	(6) (10)	First Lien Debt	S +	7.50%	11.81%	7/2/2029	6,818		6,637		6,665		0.20
LogRhythm, Inc.	(6) (10) (19)	First Lien Debt	S +	7.50%	11.81%	7/2/2029	—		(17)		(15)		—
Magenta Buyer, LLC		First Lien Debt	S +	5.00%	9.55%	7/27/2028	4,875		4,864		1,462		0.04
McAfee, LLC	(12) (14)	First Lien Debt	S +	3.00%	7.32%	3/1/2029	7,456		7,441		7,104		0.21
Montana Buyer, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.33%	7/22/2029	32,122		31,754		32,122		0.94
Montana Buyer, Inc.	(6) (19)	First Lien Debt	P +	4.00%	11.50%	7/22/2028	636		603		636		0.02
Nasuni Corporation	(6) (7) (11)	First Lien Debt	S +	5.75%	10.05%	9/10/2030	21,552		21,251		21,552		0.63
Nasuni Corporation	(6) (11) (19)	First Lien Debt	S +	5.75%	10.05%	9/10/2030	—		(61)		—		—
Netwrix Corporation And Concept Searching, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	4.75%	9.06%	6/11/2029	25,241		25,082		25,083		0.74
Netwrix Corporation And Concept Searching, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.06%	6/11/2029	—		(9)		(10)		—
Oak Purchaser, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.72%	4/28/2028	11,724		11,628		11,724		0.34
Oak Purchaser, Inc.	(6) (11)	First Lien Debt	S +	5.50%	9.72%	4/28/2028	6,791		6,746		6,791		0.20
Oak Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.72%	4/28/2028	—		(7)		—		—
OceanKey (U.S.) II Corp.	(14)	First Lien Debt	S +	3.50%	7.92%	12/15/2028	6,922		6,932		6,902		0.20
Onit, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	9.80%	1/27/2032	31,481		31,172		31,172		0.91
Onit, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.80%	1/27/2032	—		(68)		(68)		—
Onit, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.80%	1/27/2032	—		(45)		(45)		—
Optimizely North America, Inc.	(6) (11) (15)	First Lien Debt	S +	5.00%	9.33%	10/30/2031	18,101		17,928		18,033		0.53
Optimizely North America, Inc.	(6) (11) (15)	First Lien Debt	E +	5.25%	7.61%	10/30/2031	€	6,663	7,169		7,170		0.21
Optimizely North America, Inc.	(6) (11) (15)	First Lien Debt	SA +	5.50%	9.96%	10/30/2031	£	2,221	2,862		2,856		0.08
Optimizely North America, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.00%	9.33%	10/30/2031	—		(25)		(10)		—
Polaris Newco, LLC	(12) (14)	First Lien Debt	S +	3.75%	8.30%	6/2/2028	5,835		5,840		5,574		0.16
Pound Bidco, Inc.	(6) (7) (10) (15)	First Lien Debt	S +	6.00%	10.83%	2/1/2027	3,743		3,742		3,727		0.11
Pound Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	6.00%	10.83%	2/1/2027	123		123		121		—
Pound Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	6.00%	10.83%	2/1/2027	—		—		(2)		—
Project Leopard Holdings, Inc.	(7) (8) (12) (15)	First Lien Debt	S +	5.25%	9.64%	7/20/2029	22,795		21,658		19,675		0.58
Proofpoint, Inc.	(12)	First Lien Debt	S +	3.00%	7.32%	8/31/2028	7,024		7,018		6,995		0.21

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Quartz Acquireco, LLC		First Lien Debt	S +	2.25%	6.55%	6/28/2030	4,937	$	4,948	$	4,900	0.14	%
Quest Software US Holdings, Inc.		First Lien Debt	S +	4.25%	8.69%	2/1/2029	3,900	3,883		2,262		0.07
Red Planet Borrower, LLC		First Lien Debt	S +	3.50%	7.92%	10/2/2028	4,837	4,846		4,736		0.14
Revalize, Inc.	(6) (7) (10)	First Lien Debt	S +	5.75%	10.19%	4/15/2027	14,290	13,829		13,528		0.40
Revalize, Inc.	(6) (10) (19)	First Lien Debt	S +	5.75%	10.19%	4/15/2027	468	462		427		0.01
Riskonnect Parent, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	9.04%	12/7/2028	30,522	30,065		30,255		0.89
Riskonnect Parent, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.04%	12/7/2028	23,489	23,072		23,237		0.68
Riskonnect Parent, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.04%	12/7/2028	—	(66)		(39)		—
Runway Bidco, LLC	(6) (7) (12)	First Lien Debt	S +	5.00%	9.30%	12/17/2031	18,054	17,879		17,987		0.53
Runway Bidco, LLC	(6) (12) (19)	First Lien Debt	S +	5.00%	9.30%	12/17/2031	—	(21)		(17)		—
Runway Bidco, LLC	(6) (12) (19)	First Lien Debt	S +	5.00%	9.30%	12/17/2031	—	(21)		(8)		—
Saturn Borrower, Inc.	(6) (9) (10)	First Lien Debt	S +	6.00%	10.30%	11/10/2028	17,679	17,424		17,424		0.51
Saturn Borrower, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.30%	11/10/2028	—	(46)		(46)		—
Saturn Borrower, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.30%	11/10/2028	—	(41)		(41)		—
Securonix, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	11.29%	4/5/2028	30,302	29,604		26,572		0.78
Securonix, Inc.	(6) (11) (19)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	11.29%	4/5/2028	122	5		(543)		-0.02
Trunk Acquisition, Inc.	(6) (7) (10)	First Lien Debt	S +	6.00%	10.45%	2/19/2030	13,207	13,131		13,207		0.39
Trunk Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.45%	2/19/2030	622	611		622		0.02
Trunk Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.45%	2/19/2030	—	(3)		—		—
UKG, Inc.	(14)	First Lien Debt	S +	3.00%	7.30%	2/10/2031	7,456	7,469		7,436		0.22
Veritas US, Inc.	(10)	First Lien Debt	S +	12.50%	16.64%	12/9/2029	851	849		851		0.02
Vision Solutions, Inc.		First Lien Debt	S +	4.00%	8.55%	4/24/2028	6,333	6,286		6,086		0.18
								1,334,626		1,328,861		38.99
Specialty Retail
Les Schwab Tire Centers		First Lien Debt	S +	2.50%	6.81%	4/23/2031	6,847	6,853		6,791		0.20
Textiles, Apparel & Luxury Goods
Gloves Buyer, Inc.	(14)	First Lien Debt	S +	4.00%	8.44%	1/17/2032	7,000	6,815		6,720		0.20
Varsity Brands, Inc.		First Lien Debt	S +	3.50%	7.82%	8/26/2031	6,000	6,004		5,871		0.17
								12,819		12,591		0.37
Trading Companies & Distributors
Spin Holdco, Inc.	(11)	First Lien Debt	S +	4.00%	8.56%	3/4/2028	4,836	4,843		4,075		0.12
White Cap Buyer, LLC		First Lien Debt	S +	3.25%	7.57%	10/19/2029	2,438	2,439		2,360		0.07
								7,282		6,435		0.19

Transportation Infrastructure
Brown Group Holding, LLC	(12)	First Lien Debt	S +	2.50%	6.81%	7/1/2031	4,963	4,968		4,928		0.14

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
KKR Apple Bidco, LLC		First Lien Debt	S +	2.50%	6.82%	9/23/2031	7,332	$	7,310	$	7,270	0.21	%
								12,278		12,198		0.36
Wireless Telecommunication Services
CCI Buyer, Inc.	(11) (14)	First Lien Debt	S +	4.00%	8.30%	12/17/2027	5,873	5,844		5,872		0.17
Mobile Communications America, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.25%	9.53%	10/16/2029	13,480	13,320		13,480		0.40
Mobile Communications America, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.53%	10/16/2029	1,261	1,228		1,261		0.04
Mobile Communications America, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.53%	10/16/2029	—	(25)		—		—
								20,367		20,613		0.60
Total Debt Investments - non-controlled/non-affiliated								$	6,281,955	$	6,235,768	182.96	%
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.	(6) (10) (20)	Second Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.56%	2/28/2030	13,405	13,405		13,405		0.39
KWOR Acquisition, Inc.	(6) (10) (20)	Other Debt	S +	8.00% PIK	12.31%	2/28/2030	4,468	4,468		4,468		0.13
KWOR Acquisition, Inc.	(6) (10) (19) (20)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.56%	2/28/2030	75	1		75		—
KWOR Acquisition, Inc.	(6) (10) (19) (20)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.56%	2/28/2030	111	2		111		—
								17,876		18,059		0.53
Total Debt Investments - non-controlled/affiliated								$	17,876	$	18,059	0.53
Total Debt Investments								$	6,299,831	$	6,253,827	183.49	%


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread	Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
PCX Holding Corp.	(6) (17) (18)	Common Equity		4/22/2021	1,154	$	92	$	55	—	%
Automobile Components
Shelby Co-invest, LP (Spectrum Automotive)	(6) (17) (18)	Common Equity		6/29/2021	1,500	228		263		0.01
Wheel Pros, LLC	(17) (18)	Common Equity		12/2/2024	10,032	1,655		1,655		0.05
						1,883		1,918		0.06
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.	(6) (17) (18)	Common Equity		2/3/2025	250,000	238		238		0.01
Procure Acquiom Financial, LLC (Procure Analytics)	(6) (17) (18)	Common Equity		12/20/2021	500,000	625		812		0.02
Surewerx Topco, LP	(6) (15) (17) (18)	Common Equity		12/28/2022	384	413		482		0.01
						1,276		1,532		0.04
Containers & Packaging

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
BP Purchaser, LLC	(6) (17) (18)	Common Equity			12/10/2021	1,383,156	$	878	$	20	—	%
BP Purchaser, LLC Rights	(6) (17) (18)	Common Equity			3/12/2024	1,666,989	75		—		—
FORTIS Solutions Group, LLC	(6) (18)	Preferred Equity		12.25%	6/24/2022	4,000,000	5,231		3,886		0.11
							6,184		3,906		0.11
Distributors
48Forty Solutions, LLC	(6) (7) (9) (17) (18)	Common Equity			11/1/2024	7,205	—		—		—
Diversified Consumer Services
Eclipse Topco, Inc.	(6) (18)	Preferred Equity		12.50% PIK	9/5/2024	310	3,048		3,083		0.09
LUV Car Wash	(6) (17) (18)	Common Equity			4/6/2022	1,383	1,331		975		0.03
							4,379		4,058		0.12
Electrical Equipment
Sparkstone Electrical Group	(6) (17) (18)	Common Equity			10/15/2024	1,500	150		150		—
Health Care Providers & Services
SDB Holdco, LLC	(6) (17) (18)	Common Equity			3/29/2024	14,561,479	—		—		—
Suveto Buyer, LLC	(6) (15) (17) (18)	Common Equity			11/19/2021	3,398	306		316		0.01
Vardiman Black Holdings, LLC	(6) (18)	Preferred Equity		6.00% PIK	3/29/2024	7,065,190	4,798		1,572		0.05
							5,104		1,888		0.06
Insurance Services
Amerilife Holdings, LLC	(6) (17) (18)	Common Equity			9/1/2022	9,880	273		645		0.02
Frisbee Holdings, LP (Fetch)	(6) (17) (18)	Common Equity			10/31/2022	33,276	424		768		0.02
Integrity Marketing Acquisition, LLC	(6) (18)	Preferred Equity		10.50%	12/21/2021	750,000	1,040		1,042		0.03
							1,737		2,455		0.07
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (17) (18)	Common Equity			7/12/2021	5,196	317		260		0.01


Verdantas, LLC	(6) (17) (18)	Common Equity			5/3/2024	8,848	9		10		—
Verdantas, LLC	(6) (18)	Preferred Equity		10.00%	5/3/2024	875,952	960		981		0.03
							1,286		1,251		0.04
Real Estate Management & Development
Pritchard Industries, LLC	(6) (17) (18)	Common Equity			10/13/2021	332,248	352		389		0.01

Software
Cohesity Global, Inc.	(17) (18)	Preferred Equity			12/9/2024	18,617	382		382		0.01
Fullsteam Operations, LLC	(6) (17) (18)	Common Equity			11/27/2023	45,080	1,520		3,666		0.11
Knockout Intermediate Holdings I, Inc.	(6) (18)	Preferred Equity		11.75%	6/25/2022	6,294	8,275		8,830		0.26
Revalize, Inc.	(6) (18)	Preferred Equity	S +	10.00%	12/14/2021	2,951	4,076		4,247		0.12
Reveal Data Solutions	(6) (17) (18)	Common Equity			8/29/2023	861,539	1,122		1,353		0.04
RSK Holdings, Inc. (Riskonnect)	(6) (18)	Preferred Equity	S +	10.50%	7/7/2022	10,679,200	15,031		15,724		0.46
							30,406		34,202		1.00

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Total Equity Investments - non-controlled/non-affiliated							$	52,849	$	51,804	1.52	%

Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.	(6) (17) (18) (20)	Common Equity			2/28/2025	2,785	$	1,069	$	1,069	0.03	%
KWOR Intermediate I, Inc.	(6) (18) (20)	Preferred Equity	S +	8.00% PIK	2/28/2025	2,978,848	2,979		2,979		0.09
							4,048		4,048		0.12
Total Equity Investments - non-controlled/affiliated							$	4,048	$	4,048	0.12	%
Total Equity Investments							$	56,897	$	55,852	1.64	%
Total Portfolio Investments							$	6,356,728	$	6,309,679	185.13	%



Cash and Cash Equivalents
J.P. Morgan US Government Money Market Fund	$	36,714	$	36,714	1.12	%
Cash	193,578		193,578		5.92
Total Cash and Cash Equivalents	$	230,292	$	230,292	7.04	%
Total Portfolio Investments, Cash and Cash Equivalents	$	6,587,020	$	6,539,971	191.88	%

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


(1)			Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2025, the Company is an “affiliated person” of one of its portfolio companies, as indicated below.
(2)			Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility (as defined below). See Note 6 "Debt".
(3)			Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2025. As of March 31, 2025, the reference rates for our variable rate loans were the C at 2.77%, 1-month E at 2.36%, 1-month S at 4.32%, 3-month S at 4.29%, 6-month S at 4.19%, SA at 4.46% and the P at 7.50%.
(4)			Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").
(5)			The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(6)			These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(7)			Assets or a portion thereof are pledged as collateral for the JPM (as defined below). See Note 6 “Debt”.
(8)			Assets or a portion thereof are pledged as collateral for the Wells Fargo Funding Facility (as defined below). See Note 6 “Debt”.
(9)			Assets or a portion thereof are pledged as collateral for the CBNA Facility (as defined below). See Note 6 “Debt”.
(10)			Loan includes interest rate floor of 1.00%.
(11)			Loan includes interest rate floor of 0.75%
(12)			Loan includes interest rate floor of 0.50%
(13)			The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".
(14)			Position or portion thereof unsettled as of March 31, 2025.
(15)			The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 6.44% of total assets as calculated in accordance with regulatory requirements.
(16)			Investment was on non-accrual status as of March 31, 2025.
(17)			Non-income producing security.
(18)			Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of March 31, 2025, the aggregate fair value of these securities is $55,852 or 1.64% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(19)			Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date started. See below for more information on the Company’s unfunded commitments as of March 31, 2025

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

First Lien Debt — non-controlled/non-affiliated

48Forty Solutions, LLC

Revolver

11/30/2029

4,413

(1,693)

ARI Network Services, Inc.

Revolver

08/28/2026

1,032

(10)

AWP Group Holdings, Inc.

Delayed Draw Term Loan

08/23/2026

2,158

—

AWP Group Holdings, Inc.

Revolver

12/23/2030

4,190

—

Abacus Data Holdings, Inc. (AbacusNext)

Revolver

03/10/2027

600

—

Accordion Partners, LLC

Delayed Draw Term Loan

11/15/2026

7,450

(33)

Accordion Partners, LLC

Revolver

11/17/2031

5,913

(26)

Advarra Holdings, Inc.

Delayed Draw Term Loan

09/14/2026

1,191

—

Alert Media, Inc.

Revolver

04/12/2027

3,870

(17)

Amerilife Holdings, LLC

Delayed Draw Term Loan

06/17/2026

1,879

—

Amerilife Holdings, LLC

Delayed Draw Term Loan

02/28/2027

5,395

(13)

Amerilife Holdings, LLC

Revolver

08/31/2028

2,698

—

Answer Acquisition, LLC

Revolver

12/30/2026

3,034

(69)

Any Hour, LLC

Delayed Draw Term Loan

05/23/2026

3,127

(45)

Any Hour, LLC

Revolver

05/23/2030

796

(11)

Apex Service Partners, LLC

Revolver

10/24/2029

872

—

Apollo Acquisition, Inc.

Delayed Draw Term Loan

12/30/2026

5,859

(77)

Apollo Acquisition, Inc.

Revolver

12/30/2030

2,344

(31)

Appfire Technologies, LLC

Delayed Draw Term Loan

12/31/2025

1,610

—

Appfire Technologies, LLC

Delayed Draw Term Loan

06/28/2026

1,465

—

Appfire Technologies, LLC

Revolver

03/09/2028

623

—

Applitools, Inc.

Revolver

05/25/2028

1,600

(10)

Apryse Software Corp.

Revolver

07/15/2026

2,200

—

Aptean, Inc.

Delayed Draw Term Loan

01/30/2026

1,822

(5)

Aptean, Inc.

Delayed Draw Term Loan

07/24/2025

1,559

—

Aptean, Inc.

Delayed Draw Term Loan

02/14/2027

1,386

(3)

Aptean, Inc.

Revolver

01/30/2031

6,027

(18)

Arcoro Holdings Corp.

Revolver

03/28/2030

8,609

(265)

Artifact Bidco, Inc.

Delayed Draw Term Loan

05/22/2027

5,345

—

Artifact Bidco, Inc.

Revolver

07/26/2030

3,818

—

Ascend Partner Services, LLC

Delayed Draw Term Loan

08/09/2026

1,612

—

Ascend Partner Services, LLC

Revolver

08/11/2031

305

—

Assembly Intermediate, LLC

Revolver

10/19/2027

889

—

Associations, Inc.

Delayed Draw Term Loan

07/03/2028

636

—

Associations, Inc.

Revolver

07/03/2028

176

—

Atlas Us Finco, Inc.

Revolver

12/09/2028

1,360

—

AuditBoard, Inc.

Delayed Draw Term Loan

07/12/2026

16,286

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

AuditBoard, Inc.

Revolver

07/14/2031

6,514

—

Banyan Software Holdings, LLC

Delayed Draw Term Loan

01/02/2027

9,969

(67)

Banyan Software Holdings, LLC

Revolver

01/02/2031

3,261

(31)

Bottomline Technologies, Inc.

Revolver

05/15/2028

1,733

—

Bradyplus Holdings, LLC

Delayed Draw Term Loan

10/31/2025

1,026

—

Bridgepointe Technologies, LLC

Delayed Draw Term Loan

06/03/2026

1,653

(7)

Bullhorn, Inc.

Delayed Draw Term Loan

05/11/2026

770

—

Bullhorn, Inc.

Revolver

10/01/2029

399

—

CLEO Communications Holding, LLC

Revolver

06/09/2027

5,358

—

COP Collisionright Parent, LLC

Delayed Draw Term Loan

01/29/2026

4,047

—

COP Collisionright Parent, LLC

Revolver

01/29/2030

4,309

—

CRCI Longhorn Holdings, Inc.

Delayed Draw Term Loan

08/27/2026

2,206

—

CRCI Longhorn Holdings, Inc.

Revolver

08/27/2031

706

—

Caerus US 1, Inc.

Revolver

05/25/2029

4,263

(120)

Carr, Riggs and Ingram Capital, LLC

Delayed Draw Term Loan

11/18/2026

6,226

(62)

Carr, Riggs and Ingram Capital, LLC

Revolver

11/18/2031

2,550

(25)

Catalis Intermediate, Inc.

Revolver

08/04/2027

1,727

(17)

Cerity Partners, LLC

Delayed Draw Term Loan

06/07/2026

1,771

—

Cerity Partners, LLC

Delayed Draw Term Loan

01/21/2027

3,480

(33)

Cerity Partners, LLC

Revolver

07/30/2029

298

—

Chase Intermediate, LLC

Delayed Draw Term Loan

08/31/2025

5,836

—

Chase Intermediate, LLC

Revolver

10/30/2028

869

—

Citrin Cooperman Advisors, LLC

Delayed Draw Term Loan

12/13/2025

—

ComPsych Investment Corp.

Delayed Draw Term Loan

07/23/2027

4,667

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

05/10/2026

4,259

(1)

Consor Intermediate II, LLC

Revolver

05/12/2031

1,413

—

Coupa Holdings, LLC

Delayed Draw Term Loan

08/27/2025

851

(2)

Coupa Holdings, LLC

Revolver

02/27/2029

651

(1)

Cyara AcquisitionCo, LLC

Revolver

06/28/2029

3,832

—

DA Blocker Corp.

Delayed Draw Term Loan

02/10/2027

2,425

(12)

DA Blocker Corp.

Revolver

02/13/2032

566

(6)

Diligent Corporation

Delayed Draw Term Loan

04/30/2026

10,706

(32)

Diligent Corporation

Revolver

08/02/2030

7,137

(21)

Drivecentric Holdings, LLC

Revolver

08/15/2031

4,059

(17)

Dwyer Instruments, Inc.

Delayed Draw Term Loan

11/20/2026

2,020

(10)

Dwyer Instruments, Inc.

Revolver

07/20/2029

5,162

(26)

E-Discovery AcquireCo, LLC

Revolver

08/29/2029

3,484

—

EVDR Purchaser, Inc.

Delayed Draw Term Loan

08/14/2025

11,946

—

EVDR Purchaser, Inc.

Revolver

02/14/2031

6,451

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Eclipse Buyer, Inc.

Delayed Draw Term Loan

09/06/2026

1,417

—

Eclipse Buyer, Inc.

Revolver

09/08/2031

719

—

Energy Labs Holdings Corp.

Delayed Draw Term Loan

05/24/2026

1,981

(25)

Energy Labs Holdings Corp.

Revolver

04/07/2028

1,726

(22)

Espresso Bidco, Inc.

Delayed Draw Term Loan

03/25/2027

7,417

(56)

Espresso Bidco, Inc.

Revolver

03/25/2032

3,297

(49)

Essential Services Holding Corporation

Delayed Draw Term Loan

06/17/2026

5,154

—

Essential Services Holding Corporation

Revolver

06/17/2030

2,706

—

Everbridge Holdings, LLC

Delayed Draw Term Loan

07/02/2026

11,101

—

Everbridge Holdings, LLC

Revolver

07/02/2031

7,303

—

Excelitas Technologies Corp.

Delayed Draw Term Loan

05/01/2026

13,032

(65)

Excelitas Technologies Corp.

Revolver

08/14/2028

3,095

(15)

FLS Holding, Inc.

Revolver

12/17/2027

1,138

(133)

FMG Suite Holdings, LLC

Revolver

10/30/2026

994

(2)

FORTIS Solutions Group, LLC

Delayed Draw Term Loan

06/24/2025

9,347

—

FORTIS Solutions Group, LLC

Revolver

10/15/2027

990

—

FPG Intermediate Holdco, LLC

Delayed Draw Term Loan

12/31/2025

—

Firebird Acquisition Corp, Inc.

Delayed Draw Term Loan

01/31/2027

3,500

(9)

Firebird Acquisition Corp, Inc.

Revolver

02/02/2032

1,050

(5)

Formstack Acquisition Co

Delayed Draw Term Loan

03/30/2026

17,485

(334)

Formstack Acquisition Co

Revolver

03/28/2030

9,818

(188)

Foundation Risk Partners Corp.

Delayed Draw Term Loan

02/26/2027

1,300

(3)

Foundation Risk Partners Corp.

Revolver

10/29/2029

4,283

—

Fullsteam Operations, LLC

Delayed Draw Term Loan

08/25/2025

8,701

—

Fullsteam Operations, LLC

Delayed Draw Term Loan

02/23/2026

1,533

—

Fullsteam Operations, LLC

Delayed Draw Term Loan

05/01/2026

10,125

—

Fullsteam Operations, LLC

Delayed Draw Term Loan

06/30/2026

1,125

—

Fullsteam Operations, LLC

Revolver

11/27/2029

1,118

—

GC Waves Holdings, Inc.

Delayed Draw Term Loan

10/04/2026

13,535

—

GC Waves Holdings, Inc.

Revolver

10/04/2030

1,723

—

GI DI Cornfield Acquisition, LLC

Delayed Draw Term Loan

05/31/2026

16,333

(98)

GPS Merger Sub, LLC

Delayed Draw Term Loan

10/02/2026

3,668

(12)

GPS Merger Sub, LLC

Revolver

10/02/2029

2,934

(10)

GS AcquisitionCo, Inc.

Delayed Draw Term Loan

03/26/2026

3,028

—

GS AcquisitionCo, Inc.

Revolver

05/22/2028

5,318

—

Galway Borrower, LLC

Delayed Draw Term Loan

02/06/2026

4,068

—

Galway Borrower, LLC

Revolver

09/29/2028

2,398

—

Gateway US Holdings, Inc.

Delayed Draw Term Loan

11/14/2026

1,300

—

Gateway US Holdings, Inc.

Revolver

09/22/2028

484

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Granicus, Inc.

Delayed Draw Term Loan

01/17/2026

1,383

—

Granicus, Inc.

Revolver

01/17/2031

8,771

—

GraphPad Software, LLC

Delayed Draw Term Loan

06/28/2026

10,055

—

GraphPad Software, LLC

Revolver

06/30/2031

4,190

—

HSI Halo Acquisition, Inc.

Delayed Draw Term Loan

06/28/2026

3,759

—

HSI Halo Acquisition, Inc.

Revolver

06/28/2030

3,031

—

Heartland Veterinary Partners, LLC

Revolver

12/10/2026

1,298

—

Helios Service Partners, LLC

Delayed Draw Term Loan

02/10/2026

2,401

(13)

Helios Service Partners, LLC

Delayed Draw Term Loan

07/24/2025

6,925

(37)

Helios Service Partners, LLC

Delayed Draw Term Loan

04/29/2026

2,286

(12)

Helios Service Partners, LLC

Revolver

03/19/2027

4,053

(22)

Hercules Borrower, LLC

Delayed Draw Term Loan

04/17/2025

2,176

(670)

Higginbotham Insurance Agency, Inc.

Delayed Draw Term Loan

03/27/2026

13,415

(58)

High Street Buyer, Inc.

Delayed Draw Term Loan

03/11/2026

18,017

—

High Street Buyer, Inc.

Revolver

04/16/2027

915

—

Hootsuite, Inc.

Revolver

05/22/2030

2,100

(5)

Hyland Software, Inc.

Revolver

09/19/2029

3,699

—

IG Investment Holdings, LLC

Revolver

09/22/2028

3,735

(19)

Icefall Parent, Inc.

Revolver

01/25/2030

2,471

(14)

Imagine 360, LLC

Delayed Draw Term Loan

09/20/2026

1,884

(5)

Imagine 360, LLC

Revolver

10/02/2028

1,166

(3)

Inhabitiq, Inc.

Delayed Draw Term Loan

01/11/2027

4,784

(12)

Inhabitiq, Inc.

Revolver

01/12/2032

2,990

(15)

Inszone Mid, LLC

Delayed Draw Term Loan

11/30/2025

2,053

—

Inszone Mid, LLC

Delayed Draw Term Loan

07/24/2026

10,025

—

Inszone Mid, LLC

Revolver

11/30/2029

3,308

—

Integrity Marketing Acquisition, LLC

Revolver

08/25/2028

1,097

—

Invictus Buyer, LLC

Delayed Draw Term Loan

06/03/2026

2,531

(9)

Invictus Buyer, LLC

Revolver

06/03/2031

938

(4)

Iris Buyer, LLC

Revolver

10/02/2029

2,018

(8)

Jonathan Acquisition Company

Revolver

12/22/2025

1,579

—

KENG Acquisition, Inc.

Delayed Draw Term Loan

08/01/2025

3,173

(36)

KENG Acquisition, Inc.

Delayed Draw Term Loan

07/17/2026

1,912

(22)

KENG Acquisition, Inc.

Revolver

08/01/2029

3,040

(34)

LJ Avalon Holdings, LLC

Delayed Draw Term Loan

10/01/2025

1,890

—

LJ Avalon Holdings, LLC

Revolver

02/01/2029

486

—

LeadVenture, Inc.

Delayed Draw Term Loan

08/28/2026

989

(9)

LegitScript, LLC

Revolver

06/24/2028

3,984

—

Lightspeed Buyer, Inc.

Delayed Draw Term Loan

06/01/2025

387

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Lightspeed Buyer, Inc.

Revolver

02/03/2027

279

—

LogRhythm, Inc.

Revolver

07/02/2029

682

(15)

MAI Capital Management Intermediate, LLC

Delayed Draw Term Loan

08/29/2026

1,653

—

MAI Capital Management Intermediate, LLC

Revolver

08/29/2031

783

—

MHE Intermediate Holdings, LLC

Revolver

07/21/2027

643

(4)

MRI Software, LLC

Delayed Draw Term Loan

09/04/2026

5,194

(31)

MRI Software, LLC

Revolver

02/10/2027

5,176

(30)

Magneto Components Buyco, LLC

Delayed Draw Term Loan

06/05/2025

9,516

(183)

Magneto Components Buyco, LLC

Revolver

12/05/2029

7,930

(153)

Magnolia Wash Holdings

Revolver

07/14/2028

215

(23)

Mantech International CP

Delayed Draw Term Loan

06/14/2025

5,023

—

Mantech International CP

Revolver

09/14/2028

4,800

—

Mobile Communications America, Inc.

Delayed Draw Term Loan

10/16/2025

3,135

—

Mobile Communications America, Inc.

Revolver

10/16/2029

2,202

—

Model N, Inc.

Delayed Draw Term Loan

06/26/2026

5,429

—

Model N, Inc.

Revolver

06/27/2031

2,895

—

Montana Buyer, Inc.

Revolver

07/22/2028

3,074

—

NSI Holdings, Inc.

Delayed Draw Term Loan

11/15/2026

4,079

(40)

NSI Holdings, Inc.

Revolver

11/15/2031

4,079

(40)

Nasuni Corporation

Revolver

09/10/2030

4,490

—

Netwrix Corporation And Concept Searching, Inc.

Revolver

06/11/2029

1,579

(10)

Oak Purchaser, Inc.

Revolver

04/28/2028

1,241

—

Onit, Inc.

Delayed Draw Term Loan

01/27/2027

13,889

(68)

Onit, Inc.

Revolver

01/27/2032

4,630

(45)

Optimizely North America, Inc.

Revolver

10/22/2031

2,665

(10)

PDI TA Holdings, Inc.

Delayed Draw Term Loan

02/01/2026

3,789

—

PDI TA Holdings, Inc.

Revolver

02/03/2031

3,254

—

PMA Parent Holdings, LLC

Revolver

01/31/2031

240

(2)

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

04/08/2026

4,240

—

Pareto Health Intermediate Holdings, Inc.

Revolver

06/01/2029

10,788

(40)

Patriot Growth Insurance Services, LLC

Revolver

10/16/2028

234

—

Peter C. Foy & Associates Insurance Services, LLC

Delayed Draw Term Loan

04/23/2026

412

—

Peter C. Foy & Associates Insurance Services, LLC

Revolver

11/01/2027

532

(5)

Pound Bidco, Inc.

Delayed Draw Term Loan

04/24/2027

252

(1)

Pound Bidco, Inc.

Revolver

02/01/2027

388

(2)

Procure Acquireco, Inc. (Procure Analytics)

Delayed Draw Term Loan

10/31/2026

831

—

Procure Acquireco, Inc. (Procure Analytics)

Revolver

12/20/2028

952

—

Project Accelerate Parent, LLC

Revolver

02/24/2031

4,813

—

Project Boost Purchaser, LLC

Revolver

05/02/2028

417

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Project Potter Buyer, LLC

Revolver

04/23/2026

885

—

Pye-Barker Fire & Safety, LLC

Delayed Draw Term Loan

05/24/2026

4,331

—

Pye-Barker Fire & Safety, LLC

Revolver

05/24/2030

2,197

—

RFS Opco, LLC

Revolver

04/04/2029

8,667

(11)

Randy's Holdings, Inc.

Delayed Draw Term Loan

11/01/2025

1,971

—

Randy's Holdings, Inc.

Revolver

11/01/2029

1,032

—

Raptor Merger Sub Debt, LLC

Revolver

04/01/2029

2,558

(15)

Raven Acquisition Holdings, LLC

Delayed Draw Term Loan

11/19/2026

333

(4)

Redwood Services Group, LLC

Delayed Draw Term Loan

02/05/2026

627

(3)

Redwood Services Group, LLC

Delayed Draw Term Loan

01/03/2027

13,351

(63)

Revalize, Inc.

Revolver

04/15/2027

312

(17)

Ridge Trail US Bidco, Inc.

Delayed Draw Term Loan

03/30/2027

16,890

(194)

Ridge Trail US Bidco, Inc.

Revolver

03/31/2031

4,110

(47)

Riskonnect Parent, LLC

Delayed Draw Term Loan

03/01/2026

5,249

(46)

Riskonnect Parent, LLC

Revolver

12/07/2028

4,463

(39)

RoadOne IntermodaLogistics

Revolver

12/29/2028

155

(4)

Routeware, Inc.

Delayed Draw Term Loan

09/18/2026

2,080

(12)

Routeware, Inc.

Revolver

09/18/2031

511

(3)

Runway Bidco, LLC

Delayed Draw Term Loan

12/17/2026

4,486

(17)

Runway Bidco, LLC

Revolver

12/17/2031

2,243

(8)

SV Newco 2, Inc.

Delayed Draw Term Loan

05/31/2026

13,385

(51)

SV Newco 2, Inc.

Revolver

06/02/2031

13,231

(51)

Saturn Borrower, Inc.

Delayed Draw Term Loan

01/24/2027

6,428

(46)

Saturn Borrower, Inc.

Revolver

11/10/2028

2,893

(41)

Securonix, Inc.

Revolver

04/05/2028

5,281

(650)

Sherlock Buyer Corp.

Revolver

12/08/2027

2,978

—

Smarsh, Inc.

Delayed Draw Term Loan

01/31/2027

2,142

(4)

Smarsh, Inc.

Revolver

02/16/2029

1,393

(9)

Sonny's Enterprises, LLC

Delayed Draw Term Loan

06/05/2026

3,067

(158)

Sonny's Enterprises, LLC

Revolver

08/05/2027

2,337

(120)

Spark Buyer, LLC

Delayed Draw Term Loan

10/15/2026

2,125

(19)

Spark Buyer, LLC

Revolver

10/15/2031

1,063

(9)

Spectrio, LLC

Revolver

12/09/2026

132

(14)

Spectrum Automotive Holdings Corp.

Delayed Draw Term Loan

03/24/2026

—

Spectrum Automotive Holdings Corp.

Revolver

06/29/2027

378

—

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

04/25/2026

1,813

—

Stepping Stones Healthcare Services, LLC

Revolver

12/30/2026

1,250

—

Superman Holdings, LLC

Delayed Draw Term Loan

08/28/2026

2,988

—

Superman Holdings, LLC

Revolver

08/29/2031

3,675

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Surewerx Purchaser III, Inc.

Delayed Draw Term Loan

12/28/2025

620

(1)

Surewerx Purchaser III, Inc.

Revolver

12/28/2028

256

—

Suveto Buyer, LLC

Delayed Draw Term Loan

11/15/2026

680

(1)

Suveto Buyer, LLC

Revolver

09/09/2027

556

(1)

Sweep Purchaser, LLC

Revolver

06/30/2027

469

—

Tamarack Intermediate, LLC

Revolver

03/13/2028

3,375

(25)

Tank Holding Corp.

Revolver

03/31/2028

1,867

(72)

Thrive Buyer, Inc. (Thrive Networks)

Delayed Draw Term Loan

01/31/2027

14,682

(75)

Thrive Buyer, Inc. (Thrive Networks)

Revolver

02/02/2032

5,735

(56)

Tidi Legacy Products, Inc.

Delayed Draw Term Loan

06/19/2025

2,961

—

Tidi Legacy Products, Inc.

Revolver

12/19/2029

2,132

—

Transit Technologies, LLC

Delayed Draw Term Loan

08/20/2026

2,962

—

Transit Technologies, LLC

Revolver

08/20/2030

2,591

—

Trintech, Inc.

Revolver

07/25/2029

4,336

(27)

Triple Lift, Inc.

Revolver

05/05/2028

1,714

(55)

Trunk Acquisition, Inc.

Delayed Draw Term Loan

12/20/2026

1,569

—

Trunk Acquisition, Inc.

Revolver

02/19/2030

1,071

—

Two Six Labs, LLC

Delayed Draw Term Loan

10/09/2025

5,000

(11)

Two Six Labs, LLC

Revolver

08/20/2027

476

(1)

UHY Advisors, Inc.

Delayed Draw Term Loan

11/22/2026

7,727

(29)

UHY Advisors, Inc.

Revolver

11/21/2031

1,591

(6)

UpStack, Inc.

Delayed Draw Term Loan

08/23/2026

1,700

(26)

UpStack, Inc.

Revolver

08/25/2031

659

(10)

V Global Holdings, LLC

Revolver

12/22/2027

602

(30)

VRC Companies, LLC

Revolver

06/29/2027

959

—

Vamos Bidco, Inc.

Delayed Draw Term Loan

01/30/2027

4,837

(24)

Vamos Bidco, Inc.

Revolver

01/30/2032

1,451

(14)

Vardiman Black Holdings, LLC

Delayed Draw Term Loan

03/29/2026

160

(3)

Vehlo Purchaser, LLC

Delayed Draw Term Loan

10/05/2025

41,821

(209)

Vehlo Purchaser, LLC

Revolver

05/24/2028

411

(2)

Vensure Employer Services, Inc.

Delayed Draw Term Loan

09/27/2026

5,334

(37)

Verdantas, LLC

Delayed Draw Term Loan

11/08/2026

3,334

(2)

Verdantas, LLC

Revolver

05/06/2030

3,538

(2)

Vertex Service Partners, LLC

Delayed Draw Term Loan

10/01/2026

1,009

—

Vertex Service Partners, LLC

Revolver

11/08/2030

1,667

—

Vessco Midco Holdings, LLC

Delayed Draw Term Loan

07/24/2026

8,333

—

Vessco Midco Holdings, LLC

Revolver

07/24/2031

3,771

—

Victors Purchaser, LLC

Delayed Draw Term Loan

08/15/2026

2,102

—

Victors Purchaser, LLC

Revolver

08/15/2031

1,535

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(In thousands, except share amounts)


Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
World Insurance Associates, LLC	Revolver	04/03/2030	$	970	$	(10)
YI, LLC	Delayed Draw Term Loan	06/01/2025	3,727		(7)
YI, LLC	Revolver	12/03/2029	2,795		(5)
Zarya Intermediate, LLC	Revolver	07/01/2027	3,789		—
iCIMS, Inc.	Revolver	08/18/2028	547		—
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated			$	1,010,856	$	(7,947)
First Lien Debt — non-controlled/affiliated
KWOR Acquisition, Inc.	Delayed Draw Term Loan	02/28/2027	3,019		—
KWOR Acquisition, Inc.	Revolver	02/28/2030	2,214		—
Total First Lien Debt Unfunded Commitments			$	1,016,089	$	(7,947)

The accompanying notes are an integral part of these unaudited consolidated financial statements

(20) As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the three months ended March 31, 2025 were as follows:


	Fair Value as of December 31, 2024		Gross Additions (b)		Gross Reductions (c)		Net Change in Unrealized Gains (Losses)		Net Realized Gain (Loss)		Fair Value as of March 31, 2025		Interest, Dividend and Other Income
KWOR Acquisition, Inc. (a)	$	—	$	21,924	$	—	$	183	$	—	$	22,107	$	179
Total	$	—	$	21,924	$	—	$	183	$	—	$	22,107	$	179

(a) Inclusive of positions titled KWOR Intermediate I, Inc.

(b) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(c) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

March 31, 2025

(In thousands)

Additional Information


					Interest Rate Swaps(a)(b)
Counterparty	Hedged Instrument	Company Receives	Company Pays		Maturity Date	Notional Amount	Fair Value		Upfront Payments / Receipts		Change in Unrealized Appreciation(Depreciation)
SMBC Capital Markets, Inc.	Series A 2026 Notes	8.10%	S +	6.96%	03/16/2026	204,000	$	(943)	$	—	$	144
SMBC Capital Markets, Inc.	Series A 2028 Notes	8.13%	S +	4.88%	03/16/2028	146,000	(1,018)		—		1,502
SMBC Capital Markets, Inc.	Series B 2026 Notes	8.84%	S +	6.12%	08/10/2026	107,000	(554)		—		274
SMBC Capital Markets, Inc.	Series B 2028 Notes	8.88%	S +	5.56%	08/10/2028	128,000	(928)		—		1,580
SMBC Capital Markets, Inc.	Series C 2027 Notes	8.92%	S +	4.49%	03/01/2027	136,500	1,492		—		750
SMBC Capital Markets, Inc.	Series C 2029 Notes	9.07%	S +	4.77%	03/01/2029	163,500	3,246		—		2,307
MUFG Bank, Ltd.	Series D 2027 Notes	6.84%	S +	3.46%	08/05/2027	100,000	(244)		—		615
MUFG Bank, Ltd.	Series D 2029 Notes	6.91%	S +	3.48%	08/05/2029	200,000	(1,254)		—		2,610
						1,185,000	$	(203)	$	—	$	9,782

(a) Contains a variable rate structure. Bears interest at a rate determined by SOFR (“S”).

(b) Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense in the Consolidated Statements of Operations. For further details, see Note 2 “Significant Accounting Policies” and Note 6 “Debt”.

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Debt Investments
Aerospace & Defense
Jonathan Acquisition Company	(6) (10)	First Lien Debt	S +	5.00%	9.43%	12/22/2026	13,378	$	13,325	$	13,378	0.41	%
Jonathan Acquisition Company	(6) (10) (19)	First Lien Debt	S +	5.00%	9.43%	12/22/2025	343	339		343		0.01
Mantech International CP	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.59%	09/14/2029	33,491	33,159		33,491		1.02
Mantech International CP	(6) (11) (19)	First Lien Debt	S +	5.00%	9.59%	09/14/2029	—	(23)		—		—
Mantech International CP	(6) (11) (19)	First Lien Debt	S +	5.00%	9.59%	09/14/2028	—	(40)		—		—
PCX Holding Corp.	(6) (7) (10)	First Lien Debt	S +	6.25%	10.73%	04/22/2027	7,655	7,181		7,135		0.22
PCX Holding Corp.	(6) (7) (10)	First Lien Debt	S +	6.25%	10.73%	04/22/2027	7,709	7,233		7,185		0.22
PCX Holding Corp.	(6) (10)	First Lien Debt	S +	6.25%	10.73%	04/22/2027	793	745		739		0.02
Two Six Labs, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.90%	08/20/2027	24,792	24,491		24,725		0.76
Two Six Labs, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.59%	08/20/2027	1,804	1,752		1,786		0.05
Two Six Labs, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.59%	08/20/2027	—	(12)		(2)		—
								88,150		88,780		2.71
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.75%	10.23%	06/11/2027	52,728	52,162		52,728		1.61
RoadOne IntermodaLogistics	(6) (10)	First Lien Debt	S +	6.25%	10.84%	12/29/2028	1,269	1,243		1,241		0.04
RoadOne IntermodaLogistics	(6) (10)	First Lien Debt	S +	6.25%	10.84%	12/29/2028	116	114		114		—
RoadOne IntermodaLogistics	(6) (10) (19)	First Lien Debt	S +	6.25%	10.84%	12/29/2028	58	53		52		—
								53,572		54,135		1.65
Automobile Components
Continental Battery Company	(6) (7) (8) (10) (13)	First Lien Debt	S +	7.00% (incl. 4.08% PIK)	11.48%	01/20/2027	12,945	11,732		9,142		0.28
LTI Holdings, Inc.		First Lien Debt	S +	4.75%	9.11%	07/19/2029	2,993	2,985		2,994		0.09
Randy's Holdings, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	9.45%	11/01/2029	13,541	13,304		13,541		0.41
Randy's Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.45%	11/01/2029	1,266	1,216		1,266		0.04
Randy's Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.45%	11/01/2029	626	597		626		0.02
Sonny's Enterprises, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.50%	10.17%	08/05/2028	52,760	52,210		51,067		1.56
Sonny's Enterprises, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	10.17%	08/05/2028	6,018	5,901		5,726		0.18
Sonny's Enterprises, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	10.17%	08/05/2027	1,391	1,310		1,212		0.04
Spectrum Automotive Holdings Corp.	(6) (7) (11)	First Lien Debt	S +	5.25%	9.58%	06/29/2028	9,930	9,854		9,874		0.30
Spectrum Automotive Holdings Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	06/29/2028	2,820	2,792		2,802		0.09
Spectrum Automotive Holdings Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	06/29/2027	—	(3)		(2)		—

								101,898		98,248		3.00

Automobiles
ARI Network Services, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.36%	08/28/2026	23,947	23,820		23,840		0.73

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
ARI Network Services, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.36%	08/28/2026	1,524	$	1,524	$	1,519	0.05	%
ARI Network Services, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.36%	08/28/2026	774	770		768		0.02
COP Collisionright Parent, LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.50%	10.09%	01/29/2030	31,005	30,460		30,639		0.94
COP Collisionright Parent, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	10.09%	01/29/2030	9,083	8,840		8,870		0.27
COP Collisionright Parent, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	10.09%	01/29/2030	752	667		692		0.02
Drivecentric Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	9.27%	08/15/2031	30,441	30,148		30,417		0.93
Drivecentric Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.27%	08/15/2031	—	(38)		(3)		—
LeadVenture, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.36%	08/28/2026	976	959		965		0.03
MajorDrive Holdings IV, LLC	(12)	First Lien Debt	S +	4.00%	8.59%	06/01/2028	2,969	2,972		2,889		0.09
Turbo Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	6.00%	10.48%	12/02/2025	15,930	15,422		15,385		0.47
Turbo Buyer, Inc.	(6) (10)	First Lien Debt	S +	6.00%	10.48%	12/02/2025	2,437	2,382		2,354		0.07
Vehlo Purchaser, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.61%	05/24/2028	8,471	8,399		8,417		0.26
Vehlo Purchaser, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.61%	05/24/2028	2,056	1,824		1,779		0.05
Vehlo Purchaser, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.61%	05/24/2028	—	(3)		(3)		—
								128,146		128,528		3.93
Biotechnology
GraphPad Software, LLC	(6) (11)	First Lien Debt	S +	4.75%	9.08%	06/30/2031	37,557	37,379		37,557		1.15
GraphPad Software, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	06/30/2031	1,114	1,063		1,114		0.03
GraphPad Software, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	06/30/2031	—	(20)		—		—
								38,422		38,671		1.18
Building Products
LHS Borrower, LLC	(12)	First Lien Debt	S +	4.75%	9.21%	02/16/2029	3,423	3,353		3,259		0.10
LSF12 Crown US Commercial Bidco, LLC	(14)	First Lien Debt	S +	4.25%	8.63%	12/02/2031	3,000	3,015		2,987		0.09
Project Potter Buyer, LLC	(6) (8) (10)	First Lien Debt	S +	6.00%	10.33%	04/23/2027	10,272	10,272		10,272		0.31
Project Potter Buyer, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.33%	04/23/2026	—	—		—		—
								16,640		16,518		0.50
Chemicals
Olympus Water US Holding Corporation	(12)	First Lien Debt	S +	3.00%	7.34%	06/20/2031	4,706	4,718		4,716		0.14
Tank Holding Corp.	(9) (11)	First Lien Debt	S +	6.00%	10.42%	03/31/2028	53,367	52,514		52,634		1.61
Tank Holding Corp.	(6) (11) (19)	First Lien Debt	S +	6.00%	10.42%	03/31/2028	5,107	4,963		5,079		0.16
Tank Holding Corp.	(11) (19)	First Lien Debt	S +	5.75%	10.42%	03/31/2028	—	(20)		(37)		—
V Global Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.75%	10.42%	12/22/2027	15,916	15,660		15,128		0.46
V Global Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.42%	12/22/2025	1,299	1,280		1,189		0.04
								79,115		78,709		2.41

Commercial Services & Supplies
365 Retail Markets, LLC	(6) (7) (10)	First Lien Debt	S +	4.75%	9.24%	12/26/2028	7,255	7,255		7,255		0.22

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
365 Retail Markets, LLC	(6) (7) (10)	First Lien Debt	S +	4.50%	9.24%	12/26/2028	2,328		$	2,328	$	2,328	0.07	%
Allied Universal Holdco, LLC	(12)	First Lien Debt	S +	3.75%	8.21%	05/12/2028	6,789		6,784		6,806		0.21

Atlas Us Finco, Inc.	(6) (7) (8) (10) (15)	First Lien Debt	S +	5.00%	9.63%	12/09/2029	36,465		35,762		36,465		1.11
Atlas Us Finco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	5.00%	9.63%	12/09/2028	—		(25)		—		—
Belfor Holdings, Inc.		First Lien Debt	S +	3.75%	8.11%	11/01/2030	1,995		2,012		2,015		0.06
BPG Holdings IV Corp.	(6) (7) (9) (11)	First Lien Debt	S +	6.00%	10.33%	07/29/2029	25,941		24,300		22,335		0.68
Consor Intermediate II, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.83%	05/12/2031	5,813		5,759		5,780		0.18
Consor Intermediate II, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	05/12/2031	—		(24)		(30)		—
Consor Intermediate II, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	05/12/2031	—		(13)		(8)		—
CRCI Longhorn Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.36%	08/27/2031	8,824		8,738		8,824		0.27
CRCI Longhorn Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.36%	08/27/2031	—		(10)		—		—
CRCI Longhorn Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.36%	08/27/2031	662		648		662		0.02
Encore Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.58%	11/23/2028	9,061		9,011		9,028		0.28
Encore Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	11/23/2028	18,904		18,774		18,811		0.58
Encore Holdings, LLC	(6) (19)	First Lien Debt	P +	4.00%	11.50%	11/23/2027	—		(14)		(10)		—
Energy Labs Holdings Corp.	(6) (7) (9) (10)	First Lien Debt	S +	5.00%	9.46%	04/07/2028	7,963		7,888		7,868		0.24
Energy Labs Holdings Corp.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.46%	04/07/2028	1,382		1,353		1,348		0.04
Energy Labs Holdings Corp.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.46%	04/07/2028	—		(19)		(23)		—
FLS Holding, Inc.	(6) (7) (8) (10) (15)	First Lien Debt	S +	5.25%	9.71%	12/15/2028	23,774		22,635		21,240		0.65
FLS Holding, Inc.	(6) (7) (10) (15)	First Lien Debt	S +	5.25%	9.71%	12/15/2028	5,574		5,307		4,980		0.15
FLS Holding, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	5.25%	9.71%	12/17/2027	1,138		1,037		895		0.03
Ground Penetrating Radar Systems, LLC	(6) (7) (10)	First Lien Debt	S +	5.25%	9.77%	04/02/2031	14,030		13,835		14,030		0.43
Ground Penetrating Radar Systems, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.77%	04/02/2031	—		(36)		—		—
Ground Penetrating Radar Systems, LLC	(6) (19)	First Lien Debt	P +	4.25%	11.75%	04/02/2031	223		199		223		0.01
Helios Service Partners, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.59%	03/19/2027	12,311		12,112		12,307		0.38
Helios Service Partners, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.59%	03/19/2027	20,148		19,732		20,072		0.61
Helios Service Partners, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.59%	03/19/2027	—		(59)		(1)		—
Hercules Borrower, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.68%	12/15/2026	C$	3,167	3,025		2,963		0.09
HSI Halo Acquisition, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.59%	06/30/2031	19,022		18,842		19,022		0.58
HSI Halo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.59%	06/30/2031	788		767		788		0.02
HSI Halo Acquisition, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.59%	06/28/2030	—		(28)		—		—
Iris Buyer, LLC	(6) (7) (10) (15)	First Lien Debt	S +	6.25%	10.84%	10/02/2030	19,977		19,565		19,977		0.61
Iris Buyer, LLC	(6) (10) (19) (15)	First Lien Debt	S +	6.25%	10.84%	10/02/2030	1,884		1,834		1,884		0.06
Iris Buyer, LLC	(6) (10) (19) (15)	First Lien Debt	S +	6.25%	10.84%	10/02/2029	—		(54)		—		—
Orion Group Holdco, LLC	(6) (19)	First Lien Debt	S +	5.00%	9.59%	03/19/2027	—		(16)		(16)		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Procure Acquireco, Inc. (Procure Analytics)	(6) (7) (11)	First Lien Debt	S +	5.00%	9.49%	12/20/2028	15,397		$	15,397	$	15,397	0.47	%
Procure Acquireco, Inc. (Procure Analytics)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.49%	12/20/2028	761		756		756		0.02
Procure Acquireco, Inc. (Procure Analytics)	(6) (11) (19)	First Lien Debt	S +	4.75%	9.49%	12/20/2028	—		—		—		—
Pye-Barker Fire & Safety, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.83%	05/26/2031	18,135		18,135		18,135		0.55
Pye-Barker Fire & Safety, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	05/26/2031	2,585		2,538		2,585		0.08
Pye-Barker Fire & Safety, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	05/24/2030	314		291		314		0.01
Routeware, Inc.	(6) (7) (10)	First Lien Debt	S +	5.25%	9.60%	09/18/2031	4,773		4,726		4,773		0.15
Routeware, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.60%	09/18/2031	—		(11)		—		—
Routeware, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.60%	09/18/2031	—		(5)		—		—
Sherlock Buyer Corp.	(6) (7) (8) (10)	First Lien Debt	S +	5.75%	10.18%	12/08/2028	25,100		25,011		25,100		0.77
Sherlock Buyer Corp.	(6) (10) (19)	First Lien Debt	S +	5.75%	10.18%	12/08/2027	—		(8)		—		—
SITEL Worldwide Corporation	(12)	First Lien Debt	S +	3.75%	8.22%	08/28/2028	4,850		4,861		3,237		0.10
Surewerx Purchaser III, Inc.	(6) (7) (8) (11) (15)	First Lien Debt	S +	5.25%	9.58%	12/28/2029	4,039		3,992		4,039		0.12
Surewerx Purchaser III, Inc.	(6) (11) (15)	First Lien Debt	C +	5.25%	8.42%	12/28/2029	C$	2,617	1,888		1,820		0.06
Surewerx Purchaser III, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.25%	9.58%	12/28/2029	—		(6)		—		—
Surewerx Purchaser III, Inc.	(6) (11) (15)	First Lien Debt	C +	5.25%	9.58%	12/28/2028	C$	710	678		695		0.02
Sweep Midco, LLC	(6) (7) (18)	Second Lien Debt				03/12/2034	1,086		543		703		0.02
Sweep Midco, LLC	(6) (7) (18)	Second Lien Debt				03/12/2036	3,156		—		—		—
Sweep Purchaser, LLC	(6) (7) (10)	First Lien Debt	S +	5.75% PIK	10.24%	06/30/2027	3,986		3,986		3,986		0.12
Sweep Purchaser, LLC	(6) (7) (10)	First Lien Debt	S +	5.75%	10.24%	06/30/2027	2,050		2,050		2,050		0.06
Sweep Purchaser, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.24%	06/30/2027	—		—		—		—
Tamarack Intermediate, LLC	(6) (7) (11)	First Lien Debt	S +	5.75%	10.30%	03/13/2028	22,742		22,442		22,742		0.70
Tamarack Intermediate, LLC	(6) (11)	First Lien Debt	S +	5.75%	10.30%	03/13/2028	2,231		2,188		2,231		0.07
Tamarack Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.30%	03/13/2028	—		(42)		—		—
Tempo Acquisition, LLC	(12)	First Lien Debt	S +	2.25%	6.61%	08/31/2028	3,987		4,000		3,999		0.12
Transit Technologies, LLC	(6) (11)	First Lien Debt	S +	4.75%	9.51%	08/20/2031	12,091		11,975		12,091		0.37
Transit Technologies, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.51%	08/20/2031	—		(20)		—		—
Transit Technologies, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.51%	08/20/2030	—		(24)		—		—
TruGreen Limited Partnership	(11)	First Lien Debt	S +	4.00%	8.46%	11/02/2027	4,848		4,821		4,709		0.14
Vensure Employer Services, Inc.	(6) (7) (12)	First Lien Debt	S +	5.00%	9.33%	09/29/2031	25,909		25,660		25,909		0.79
Vensure Employer Services, Inc.	(6) (12) (19)	First Lien Debt	S +	5.00%	9.33%	09/29/2031	1,003		963		1,003		0.03
VRC Companies, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.75%	10.27%	06/29/2027	50,360		50,128		50,360		1.54
VRC Companies, LLC	(6) (10)	First Lien Debt	S +	5.75%	10.27%	06/29/2027	47,594		47,072		47,594		1.45
VRC Companies, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.27%	06/29/2027	—		—		—		—
									503,189		502,046		15.35
Construction & Engineering

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Arcoro Holdings Corp.	(6) (10)	First Lien Debt	S +	5.50%	9.83%	03/28/2030	57,104	$	56,071	$	56,688	1.73	%
Arcoro Holdings Corp.	(6) (10) (19)	First Lien Debt	S +	5.50%	9.83%	03/28/2030	—	(150)		(63)		—
Artera Services, LLC	(14)	First Lien Debt	S +	4.50%	8.83%	02/15/2031	1,995	1,978		1,975		0.06
Centuri Group, Inc.	(12)	First Lien Debt	S +	2.50%	6.96%	08/27/2028	1,897	1,896		1,904		0.06
KPSKY Acquisition, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.50%	10.19%	10/19/2028	20,749	19,883		18,348		0.56
KPSKY Acquisition, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	10.19%	10/19/2028	16,535	16,165		14,622		0.45
LJ Avalon Holdings, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.53%	02/01/2030	2,944	2,874		2,944		0.09
LJ Avalon Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.53%	02/01/2030	1,205	1,167		1,205		0.04
LJ Avalon Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.53%	02/01/2029	—	(10)		—		—
Superman Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	4.50%	8.86%	08/29/2031	25,394	25,271		25,394		0.78
Superman Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.86%	08/29/2031	—	(20)		—		—
Superman Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.86%	08/29/2031	—	(17)		—		—
								125,108		123,017		3.76
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	10.09%	02/03/2031	36,878	36,568		36,686		1.12
PDI TA Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	10.09%	02/03/2031	4,793	4,715		4,749		0.15
PDI TA Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	10.09%	02/03/2031	—	(32)		(20)		—
								41,251		41,415		1.27
Containers & Packaging
Berlin Packaging, LLC		First Lien Debt	S +	3.75%	8.05%	06/07/2031	3,980	3,980		4,000		0.12
BP Purchaser, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.50%	10.16%	12/11/2028	32,716	31,266		30,341		0.93
Clydesdale Acquisition Holdings, Inc.	(12)	First Lien Debt	S +	3.18%	7.53%	04/13/2029	3,303	3,306		3,306		0.10
FORTIS Solutions Group, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.93%	10/13/2028	20,986	20,899		20,986		0.64
FORTIS Solutions Group, LLC	(6) (11)	First Lien Debt	S +	5.50%	9.93%	10/13/2028	1,029	970		1,029		0.03
FORTIS Solutions Group, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	9.93%	10/15/2027	630	624		630		0.02
Proampac PG Borrower, LLC	(11)	First Lien Debt	S +	4.00%	8.60%	09/15/2028	2,965	2,979		2,971		0.09
								64,024		63,263		1.93
Distributors
48Forty Solutions, LLC	(6) (7) (9) (10)	First Lien Debt	S +	6.00% (incl. 4.00% PIK)	10.65%	11/30/2029	45,825	44,370		29,608		0.91
48Forty Solutions, LLC	(6) (10) (19)	First Lien Debt	S +	6.00% (incl. 4.00% PIK)	10.65%	11/30/2029	3,061	2,841		542		0.02
ABB Concise Optical Group, LLC	(6) (8) (11)	First Lien Debt	S +	7.50%	11.98%	02/23/2028	17,008	16,749		15,898		0.49
Avalara, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	6.25%	10.58%	10/19/2028	22,421	22,158		22,421		0.69
Avalara, Inc.	(6) (19)	First Lien Debt	S +	6.25%	10.58%	10/19/2028	—	(24)		—		—
Bradyplus Holdings, LLC	(6) (7) (8) (9) (10)	First Lien Debt	S +	5.00%	9.52%	10/31/2029	44,408	43,673		44,408		1.36
Bradyplus Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.52%	10/31/2029	281	260		281		0.01

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
PT Intermediate Holdings III, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.33%	04/09/2030	60,057	$	59,432	$	60,057	1.84	%
PT Intermediate Holdings III, LLC	(6) (11) (19)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.33%	04/09/2030	—	(6)		—		—
								189,453		173,215		5.30
Diversified Consumer Services
Any Hour, LLC	(6)	First Lien Debt	S +	5.00%	9.33%	05/23/2030	11,802	11,639		11,677		0.36
Any Hour, LLC	(6) (19)	First Lien Debt	S +	5.00%	9.33%	05/23/2030	334	309		298		0.01
Any Hour, LLC	(6) (19)	First Lien Debt	S +	5.00%	9.33%	05/23/2030	831	808		813		0.02
Any Hour, LLC	(6)	Other Debt		13.00% PIK	13.00%	05/23/2031	3,186	3,130		3,152		0.10
Apex Service Partners, LLC	(6) (7) (8) (9) (10)	First Lien Debt	S +	5.00%	9.51%	10/24/2030	72,104	71,109		72,104		2.20
Apex Service Partners, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.51%	10/24/2030	17,166	16,886		17,166		0.52
Apex Service Partners, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.51%	10/24/2029	3,866	3,793		3,866		0.12
Ascend Partner Services, LLC	(12)	First Lien Debt	S +	4.50%	7.96%	12/11/2028	4,856	4,850		4,877		0.15
Assembly Intermediate, LLC	(6) (7) (10)	First Lien Debt	S +	5.25%	9.58%	10/19/2027	8,889	8,518		8,889		0.27
Assembly Intermediate, LLC	(6) (10)	First Lien Debt	S +	5.25%	9.58%	10/19/2027	1,778	1,702		1,778		0.05
Assembly Intermediate, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	10/19/2027	—	(36)		—		—
Eclipse Buyer, Inc.	(6) (7) (12)	First Lien Debt	S +	4.75%	9.26%	09/08/2031	8,362	8,281		8,362		0.26
Eclipse Buyer, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.26%	09/08/2031	—	(7)		—		—
Eclipse Buyer, Inc.	(6) (12) (19)	First Lien Debt	S +	4.75%	9.26%	09/06/2031	—	(7)		—		—
Essential Services Holding Corporation	(6) (8) (11)	First Lien Debt	S +	5.00%	9.65%	06/17/2031	18,624	18,448		18,624		0.57
Essential Services Holding Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.65%	06/17/2031	—	(24)		—		—
Essential Services Holding Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	9.65%	06/17/2030	—	(29)		—		—
EVDR Purchaser, Inc.	(6) (11)	First Lien Debt	S +	5.50%	9.86%	02/14/2031	41,498	40,749		41,498		1.27
EVDR Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.86%	02/14/2031	—	(104)		—		—
EVDR Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.86%	02/14/2031	1,195	1,070		1,195		0.04
FPG Intermediate Holdco, LLC	(6) (10) (13)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.09%	03/05/2027	7,557	7,437		6,013		0.18
FPG Intermediate Holdco, LLC	(6) (10) (13) (19)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.09%	03/05/2027	184	184		184		0.01
Heartland Home Services	(6) (11)	First Lien Debt	S +	5.75%	10.18%	12/15/2026	23,109	22,910		21,905		0.67
KUEHG Corp.	(12)	First Lien Debt	S +	3.25%	7.84%	06/12/2030	1,861	1,869		1,878		0.06
Lightspeed Solution, LLC	(6) (7) (8) (11)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.86%	03/01/2028	20,499	20,318		20,499		0.63
Lightspeed Solution, LLC	(6) (11)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	10.86%	03/01/2028	1,352	1,339		1,352		0.04
LUV Car Wash Group, LLC	(6) (7) (8) (10)	First Lien Debt	S +	7.00%	11.74%	12/09/2026	9,971	9,934		9,971		0.30
Magnolia Wash Holdings	(6) (7) (10)	First Lien Debt	S +	6.50%	11.36%	07/14/2028	9,804	9,574		8,892		0.27

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Magnolia Wash Holdings	(6) (10)	First Lien Debt	S +	6.50%	11.36%	07/14/2028	2,078	$	2,029	$	1,885	0.06	%
Magnolia Wash Holdings	(6) (10) (19)	First Lien Debt	S +	6.50%	11.36%	07/14/2028	262	252		218		0.01
Project Accelerate Parent, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.61%	02/24/2031	33,519	33,214		33,519		1.02
Project Accelerate Parent, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.61%	02/24/2031	—	(42)		—		—
Spring Education Group, Inc.		First Lien Debt	S +	4.00%	8.33%	10/04/2030	3,960	3,973		3,980		0.12
Vertex Service Partners, LLC	(6) (7) (9) (11)	First Lien Debt	S +	5.75%	10.11%	11/08/2030	9,826	9,612		9,826		0.30
Vertex Service Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.11%	11/08/2030	18,964	18,540		18,958		0.58
Vertex Service Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.11%	11/08/2030	2,273	2,220		2,273		0.07
Wand NewCo 3, Inc.		First Lien Debt	S +	3.25%	7.61%	01/30/2031	5,867	5,881		5,885		0.18
								340,329		341,537		10.44
Electric Utilities
Kohler Energy Co, LLC		First Lien Debt	S +	3.75%	8.11%	05/01/2031	4,591	4,631		4,580		0.14
Electrical Equipment
Spark Buyer, LLC	(6) (7) (11)	First Lien Debt	S +	5.25%	9.77%	10/15/2031	5,313	5,235		5,235		0.16
Spark Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.77%	10/15/2031	—	(16)		(16)		—
Spark Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.77%	10/15/2031	—	(15)		(15)		—
								5,204		5,204		0.16
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(6) (7) (8) (11)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	11.30%	07/06/2028	28,077	27,329		20,825		0.64
Abracon Group Holdings, LLC	(6) (11)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	11.30%	07/06/2028	1,858	1,810		1,378		0.04
Chamberlain Group, Inc.	(12)	First Lien Debt	S +	3.25%	7.71%	11/03/2028	5,860	5,852		5,887		0.18
DG Investment Intermediate Holdings 2, Inc.	(11)	First Lien Debt	S +	3.75%	8.22%	03/31/2028	4,369	4,371		4,404		0.13
Dwyer Instruments, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	4.75%	9.15%	07/20/2029	54,471	53,758		54,318		1.66
Dwyer Instruments, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.15%	07/20/2029	23,757	23,366		23,747		0.73
Dwyer Instruments, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.15%	07/20/2029	—	(60)		—		—
Infinite Bidco, LLC	(6) (9) (12)	First Lien Debt	S +	6.25%	10.77%	03/02/2028	9,162	9,070		9,162		0.28
Infinite Bidco, LLC	(7) (12)	Second Lien Debt	S +	7.00%	11.85%	03/02/2029	12,800	11,168		11,264		0.34
Infinite Bidco, LLC	(6) (12)	Second Lien Debt	S +	7.00%	11.59%	03/02/2029	4,000	3,500		3,395		0.10
Magneto Components Buyco, LLC	(6) (7) (8) (9) (11)	First Lien Debt	S +	6.00% (incl. 1.50% PIK)	10.33%	12/05/2030	48,174	47,401		47,846		1.46
Magneto Components Buyco, LLC	(6) (11) (19)	First Lien Debt	S +	6.00% (incl. 1.50% PIK)	10.33%	12/05/2030	—	(74)		(65)		—
Magneto Components Buyco, LLC	(6) (11) (19)	First Lien Debt	S +	6.00% (incl. 1.50% PIK)	10.33%	12/05/2029	—	(119)		(54)		—
NSi Holdings, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.36%	11/15/2031	22,842	22,617		22,617		0.69
NSi Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.36%	11/15/2031	—	(19)		(19)		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
NSi Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.36%	11/15/2031	—	$	(40)	$	(40)	—	%
								209,930		204,665		6.26
Entertainment
Renaissance Holding Corp.	(12)	First Lien Debt	S +	4.00%	8.36%	04/05/2030	2,960	2,961		2,951		0.09
Financial Services
Applitools, Inc.	(6) (7) (11) (15)	First Lien Debt	S +	6.25% PIK	10.58%	05/25/2029	14,855	14,696		14,727		0.45
Applitools, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	6.25%	10.58%	05/25/2028	—	(18)		(14)		—
Boost Newco Borrower, LLC		First Lien Debt	S +	2.50%	6.83%	01/31/2031	7,481	7,507		7,511		0.23
Cerity Partners, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.25%	9.76%	07/30/2029	3,525	3,485		3,525		0.11
Cerity Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.76%	07/30/2029	7,739	7,631		7,739		0.24
Cerity Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.76%	07/30/2029	—	(6)		—		—
GC Waves Holdings, Inc.	(6) (11)	First Lien Debt	S +	4.75%	9.21%	10/04/2030	27,567	27,024		27,358		0.84
GC Waves Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.21%	10/04/2030	2,418	1,932		2,265		0.07
GC Waves Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.21%	10/04/2030	—	(28)		(13)		—
MAI Capital Management Intermediate, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	9.08%	08/29/2031	4,632	4,587		4,632		0.14
MAI Capital Management Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	08/29/2031	866	849		866		0.03
MAI Capital Management Intermediate, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	08/29/2031	138	128		138		—
PMA Parent Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.83%	01/31/2031	3,410	3,360		3,360		0.10
PMA Parent Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	9.83%	01/31/2031	—	(4)		(4)		—
RFS Opco, LLC	(6) (12)	First Lien Debt	S +	4.75%	9.08%	04/04/2031	16,958	16,801		16,891		0.52
RFS Opco, LLC	(6) (12) (19)	First Lien Debt	S +	3.50%	7.83%	04/04/2029	4,680	4,459		4,579		0.14
SitusAMC Holdings Corp.	(6) (11)	First Lien Debt	S +	5.50%	9.93%	12/22/2027	15,768	15,720		15,768		0.48
Smarsh, Inc.	(6) (7) (11)	First Lien Debt	S +	5.75%	10.08%	02/16/2029	8,571	8,514		8,571		0.26
Smarsh, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.08%	02/16/2029	1,071	1,061		1,071		0.03
Smarsh, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.08%	02/16/2029	214	211		214		0.01
Trintech, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.50%	9.86%	07/25/2029	69,935	68,745		68,914		2.11
Trintech, Inc.	(6) (10) (19)	First Lien Debt	S +	5.50%	9.86%	07/25/2029	1,735	1,637		1,646		0.05
								188,291		189,744		5.80
Food Products
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(6) (17)	Other Debt		16.25% PIK	16.25%	06/18/2026	500	277		295		0.01
Teasdale Foods, Inc. (Teasdale Latin Foods)	(6) (7) (10)	First Lien Debt	S +	6.25%	10.99%	12/18/2025	3,604	3,482		3,501		0.11
								3,759		3,796		0.12
Ground Transportation
PODS, LLC	(11)	First Lien Debt	S +	3.00%	7.85%	03/31/2028	4,850	4,853		4,525		0.14
SV Newco 2, Inc.	(6) (11) (15)	First Lien Debt	S +	4.75%	9.26%	06/02/2031	35,194	34,698		34,916		1.07

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
SV Newco 2, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.26%	06/02/2031	—	$	(152)	$	(174)	(0.01)	%
SV Newco 2, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.26%	06/02/2031	—	(182)		(105)		—
								39,217		39,162		1.20
Health Care Equipment & Supplies
Journey Personal Care Corp.	(11)	First Lien Debt	S +	3.75%	8.11%	03/01/2028	4,964	4,909		4,959		0.15
Medline Borrower, LP	(12)	First Lien Debt	S +	2.25%	6.61%	10/23/2028	6,684	6,686		6,702		0.20
Performance Health & Wellness	(6) (7) (10)	First Lien Debt	S +	5.75%	10.21%	07/12/2027	4,028	4,028		4,028		0.12
PerkinElmer U.S., LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.00%	9.34%	03/13/2029	27,379	26,777		27,185		0.83
Tidi Legacy Products, Inc.	(6) (7) (9) (10)	First Lien Debt	S +	5.25%	9.61%	12/19/2029	11,140	10,952		11,120		0.34
Tidi Legacy Products, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.61%	12/19/2029	—	(24)		(5)		—
Tidi Legacy Products, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.61%	12/19/2029	—	(35)		(4)		—
YI, LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.75%	10.39%	12/03/2029	17,709	17,407		17,709		0.54
YI, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.39%	12/03/2029	—	(30)		—		—
YI, LLC	(6) (10) (19)	First Lien Debt	S +	5.75%	10.39%	12/03/2029	—	(45)		—		—
								70,625		71,694		2.19
Health Care Providers & Services
Advarra Holdings, Inc.	(6) (9) (11)	First Lien Debt	S +	4.50%	8.86%	09/15/2031	12,915	12,683		12,855		0.39
Advarra Holdings, Inc.	(6) (11) (19)	First Lien Debt	S +	4.50%	8.86%	09/15/2031	—	(3)		—		—
CHG Healthcare Services, Inc.	(12)	First Lien Debt	S +	3.00%	7.40%	09/29/2028	4,850	4,861		4,862		0.15
CNT Holdings I Corp.	(11)	First Lien Debt	S +	3.50%	8.09%	11/08/2027	4,850	4,860		4,876		0.15
DCA Investment Holdings, LLC	(6) (11)	First Lien Debt	S +	6.50%	10.77%	04/03/2028	49,833	49,294		49,449		1.51
DCA Investment Holdings, LLC	(6) (11)	First Lien Debt	S +	6.50%	10.77%	04/03/2028	3,827	3,779		3,797		0.12
Electron BidCo, Inc.	(12)	First Lien Debt	S +	2.75%	7.11%	11/01/2028	6,860	6,866		6,880		0.21
Ensemble RCM, LLC		First Lien Debt	S +	3.00%	7.59%	08/01/2029	4,618	4,627		4,647		0.14
Gateway US Holdings, Inc.	(6) (7) (8) (11) (15)	First Lien Debt	S +	4.75%	9.08%	09/22/2028	11,899	11,840		11,899		0.36
Gateway US Holdings, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.08%	09/22/2028	3,355	3,327		3,343		0.10
Gateway US Holdings, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	4.75%	9.08%	09/22/2028	—	(3)		—		—
Heartland Veterinary Partners, LLC	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	6,328	6,317		6,328		0.19
Heartland Veterinary Partners, LLC	(6) (7) (10)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	759	754		759		0.02
Heartland Veterinary Partners, LLC	(6) (7) (10)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	14,329	14,305		14,329		0.44
Heartland Veterinary Partners, LLC	(6) (10)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	295	293		295		0.01
Heartland Veterinary Partners, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.47%	12/10/2026	—	(2)		—		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
iCIMS, Inc.	(6) (11)	First Lien Debt	S +	5.75%	10.38%	08/18/2028	16,989	$	16,848	$	16,989	0.52	%
iCIMS, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.38%	08/18/2028	123	120		123		—
Imagine 360, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	9.10%	10/02/2028	13,332	13,207		13,332		0.41
Imagine 360, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.10%	10/02/2028	—	(9)		—		—
Imagine 360, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.10%	10/02/2028	—	(11)		—		—
Intelerad Medical Systems Incorporated	(6) (10) (15)	First Lien Debt	S +	6.50%	11.24%	08/21/2026	9,420	9,265		9,127		0.28
Intelerad Medical Systems Incorporated	(6) (10) (15)	First Lien Debt	S +	6.50%	11.24%	08/21/2026	650	643		630		0.02
Invictus Buyer, LLC	(6) (11)	First Lien Debt	S +	4.75%	9.08%	06/03/2031	6,060	6,003		6,042		0.18
Invictus Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	06/03/2031	—	(12)		(7)		—
Invictus Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	06/03/2031	—	(9)		(3)		—
Medical Solutions Holdings, Inc.	(12)	First Lien Debt	S +	3.50%	8.19%	11/01/2028	5,353	5,350		3,755		0.11
Midwest Physician Administrative Services, LLC	(11)	First Lien Debt	S +	3.00%	7.59%	03/12/2028	3,879	3,874		3,660		0.11
National Mentor Holdings, Inc.	(11)	First Lien Debt	S +	3.75%	8.20%	03/02/2028	2,720	2,706		2,691		0.08
Pacific Dental Services, LLC		First Lien Debt	S +	2.75%	7.13%	03/15/2031	2,978	2,988		2,995		0.09
Pareto Health Intermediate Holdings, Inc.	(6) (9) (10)	First Lien Debt	S +	5.00%	9.33%	06/01/2030	91,193	89,683		91,193		2.79
Pareto Health Intermediate Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	06/01/2029	—	(157)		—		—
PPV Intermediate Holdings, LLC	(6) (9) (11)	First Lien Debt	S +	5.75%	10.26%	08/31/2029	27,708	26,863		27,686		0.85
PPV Intermediate Holdings, LLC	(6) (11)	First Lien Debt	S +	6.00%	10.52%	08/31/2029	26,490	26,301		26,490		0.81
Promptcare Infusion Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	6.00%	10.44%	09/01/2027	3,810	3,792		3,760		0.11
Promptcare Infusion Buyer, Inc.	(6) (10)	First Lien Debt	S +	6.00%	10.44%	09/01/2027	593	591		586		0.02
Raven Acquisition Holdings, LLC	(14) (15)	First Lien Debt	S +	3.25%	7.61%	11/19/2031	4,667	4,644		4,674		0.14
Raven Acquisition Holdings, LLC	(14) (15) (19)	First Lien Debt	S +	3.25%	7.61%	11/19/2031	—	(2)		1		—
Stepping Stones Healthcare Services, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	9.08%	01/02/2029	8,509	8,468		8,509		0.26
Stepping Stones Healthcare Services, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	01/02/2029	2,159	2,132		2,153		0.07
Stepping Stones Healthcare Services, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.08%	12/30/2026	—	(4)		—		—
Suveto	(6) (7) (11)	First Lien Debt	S +	4.75%	9.11%	09/09/2027	5,021	4,893		4,973		0.15
Suveto	(6) (19)	First Lien Debt	P +	3.75%	11.25%	09/09/2027	28	14		23		—
Suveto Buyer, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.11%	09/09/2027	186	182		182		0.01
Tivity Health, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.36%	06/28/2029	17,997	17,856		17,997		0.55
TTF Holdings, LLC		First Lien Debt	S +	3.75%	8.11%	07/18/2031	2,000	2,017		1,980		0.06
Vardiman Black Holdings, LLC	(6) (7) (8) (12)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.65%	03/18/2027	15,377	15,377		15,377		0.47
Vardiman Black Holdings, LLC	(6) (12) (13) (19)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.65%	03/18/2027	1,601	1,561		1,601		0.05
								388,972		390,838		11.95

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Health Care Technology
Athenahealth, Inc.	(12)	First Lien Debt	S +	3.25%	7.61%	02/15/2029	6,341		$	6,323	$	6,348	0.19	%
eResearchTechnology, Inc.	(10)	First Lien Debt	S +	4.00%	8.36%	02/04/2027	4,391		4,385		4,414		0.13
Hyland Software, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	6.00%	10.36%	09/19/2030	77,262		76,354		77,262		2.36
Hyland Software, Inc.	(6) (11) (19)	First Lien Debt	S +	6.00%	10.36%	09/19/2029	—		(39)		—		—
Imprivata, Inc.	(12)	First Lien Debt	S +	3.50%	8.09%	12/01/2027	6,420		6,419		6,452		0.20
Lightspeed Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	9.08%	02/03/2027	10,097		10,070		10,097		0.31
Lightspeed Buyer, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	02/03/2027	—		(10)		—		—
Lightspeed Buyer, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	02/03/2027	—		(3)		—		—
MedAssets Software Intermediate Holdings, Inc.	(12)	First Lien Debt	S +	4.00%	8.43%	12/17/2028	6,143		6,143		5,652		0.17
Project Ruby Ultimate Parent Corp.		First Lien Debt	S +	3.00%	7.47%	03/10/2028	5,348		5,347		5,367		0.16
Symplr Software, Inc.	(11)	First Lien Debt	S +	4.50%	9.19%	12/22/2027	4,849		4,856		4,429		0.14
									119,845		120,021		3.67
Household Durables
ACProducts, Inc.	(12)	First Lien Debt	S +	4.25%	8.84%	05/17/2028	4,849		4,838		3,907		0.12
Industrial Conglomerates
Aptean, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.00%	9.59%	01/30/2031	70,478		69,870		70,380		2.15
Aptean, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.59%	01/30/2031	1,151		1,113		1,144		0.03
Aptean, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.59%	01/30/2031	—		(50)		(8)		—
Excelitas Technologies Corp.	(6) (9) (11)	First Lien Debt	S +	5.25%	9.61%	08/13/2029	30,707		30,261		30,387		0.93
Excelitas Technologies Corp.	(6) (11)	First Lien Debt	E +	5.25%	8.11%	08/13/2029	€	5,617	5,728		5,756		0.18
Excelitas Technologies Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.61%	08/13/2029	—		(94)		(123)		—
Excelitas Technologies Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.61%	08/14/2028	—		(37)		(32)		—
Raptor Merger Sub Debt, LLC	(7) (8) (11)	First Lien Debt	S +	5.50%	9.83%	04/01/2029	45,581		44,880		45,430		1.39
Raptor Merger Sub Debt, LLC	(11) (19)	First Lien Debt	S +	5.50%	9.83%	04/01/2029	698		644		686		0.02
									152,315		153,620		4.70
Insurance Services
Alliant Holdings Intermediate, LLC	(12)	First Lien Debt	S +	2.75%	7.11%	09/19/2031	7,157		7,166		7,168		0.22
Amerilife Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.70%	08/31/2029	14,813		14,594		14,813		0.45
Amerilife Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.70%	08/31/2029	1,770		1,757		1,770		0.05
AssuredPartners, Inc.	(12)	First Lien Debt	S +	3.50%	7.86%	02/14/2031	3,970		3,984		3,975		0.12
Fetch Insurance Services, LLC	(6)	Other Debt		12.75% (incl. 3.75% PIK)	12.75%	10/31/2027	3,104		3,046		3,073		0.09
Foundation Risk Partners Corp.	(6) (8) (11)	First Lien Debt	S +	5.25%	9.58%	10/29/2030	34,976		34,668		34,976		1.07
Foundation Risk Partners Corp.	(6) (11)	First Lien Debt	S +	5.25%	9.58%	10/29/2030	18,560		18,339		18,560		0.57
Foundation Risk Partners Corp.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	10/29/2029	—		(20)		—		—
Galway Borrower, LLC	(6) (7) (8) (9) (11)	First Lien Debt	S +	4.50%	8.83%	09/29/2028	51,526		50,797		51,526		1.58

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Galway Borrower, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	09/29/2028	20,936	$	20,625	$	20,936	0.64	%
Galway Borrower, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.83%	09/29/2028	298	256		298		0.01
Higginbotham Insurance Agency, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.50%	8.86%	11/24/2028	20,115	20,034		20,029		0.61
Higginbotham Insurance Agency, Inc.	(6) (10) (19)	First Lien Debt	S +	4.50%	8.86%	11/24/2028	6,650	6,524		6,551		0.20
High Street Buyer, Inc.	(6) (7) (11)	First Lien Debt	S +	5.25%	9.58%	04/14/2028	4,195	4,192		4,195		0.13
High Street Buyer, Inc.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	04/14/2028	43,375	42,813		43,303		1.32
High Street Buyer, Inc.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	04/16/2027	—	(1)		—		—
HUB International Limited		First Lien Debt	S +	2.75%	7.37%	06/20/2030	4,963	4,968		4,987		0.15
Inszone Mid, LLC	(6) (7) (9) (10)	First Lien Debt	S +	5.25%	9.50%	11/302029	13,838	13,601		13,838		0.42
Inszone Mid, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.50%	11/30/2029	16,981	16,655		16,981		0.52
Inszone Mid, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.50%	11/30/2029	—	(45)		—		—
Inszone Mid, LLC	(6) (10) (19)	First Lien Debt	S +	5.25%	9.50%	11/30/2029	—	(52)		—		—
Integrity Marketing Acquisition, LLC	(6) (7) (8) (9) (11)	First Lien Debt	S +	5.00%	9.51%	08/25/2028	112,310	112,310		112,310		3.43
Integrity Marketing Acquisition, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.51%	08/25/2028	—	—		—		—
Long Term Care Group, Inc.	(6) (7) (8) (11) (13)	First Lien Debt	S +	6.00% (incl. 3.73% PIK)	10.33%	09/08/2027	14,648	14,241		12,555		0.38
Patriot Growth Insurance Services, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.48%	10/16/2028	6,437	6,360		6,437		0.20
Patriot Growth Insurance Services, LLC	(6) (11)	First Lien Debt	S +	5.00%	9.48%	10/14/2028	24,759	24,451		24,759		0.76
Patriot Growth Insurance Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.48%	10/16/2028	234	229		234		0.01
Peter C. Foy & Associates Insurance Services, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.83%	11/01/2028	22,930	22,744		22,930		0.70
Peter C. Foy & Associates Insurance Services, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.83%	11/01/2028	24,195	24,022		24,174		0.74
Peter C. Foy & Associates Insurance Services, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	9.83%	11/01/2027	—	(1)		—		—
RSC Acquisition, Inc.	(6) (10)	First Lien Debt	S +	4.75%	9.21%	11/01/2029	18,508	18,463		18,508		0.57
RSC Acquisition, Inc.	(6) (11)	First Lien Debt	S +	4.75%	9.21%	11/01/2029	54,296	53,963		54,296		1.66
USI, Inc.		First Lien Debt	S +	2.25%	6.58%	09/27/2030	2,970	2,978		2,962		0.09
USI, Inc.		First Lien Debt	S +	2.25%	6.58%	11/22/2029	1,980	1,984		1,975		0.06
World Insurance Associates, LLC	(6) (7) (8) (9) (10)	First Lien Debt	S +	6.75%	10.34%	04/03/2028	119,299	117,735		118,378		3.62
World Insurance Associates, LLC	(6) (10) (19)	First Lien Debt	S +	6.75%	10.34%	04/03/2028	—	(15)		(21)		—
								663,365		666,476		20.37
Interactive Media & Services
Arches Buyer, Inc.	(12)	First Lien Debt	S +	3.25%	7.71%	12/06/2027	2,424	2,419		2,364		0.07
FMG Suite Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	5.50%	9.85%	10/30/2026	9,258	9,182		9,194		0.28
FMG Suite Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	5.50%	9.85%	10/30/2026	1,938	1,920		1,923		0.06
FMG Suite Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.84%	10/30/2026	—	(9)		(7)		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Spectrio, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.51%	12/09/2026	11,375	$	10,901	$	10,468	0.32	%
Spectrio, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.51%	12/09/2026	4,558	4,368		4,195		0.13
Spectrio, LLC	(6) (10)	First Lien Debt	S +	6.00%	10.51%	12/09/2026	1,345	1,291		1,238		0.04
Triple Lift, Inc.	(6) (8) (11)	First Lien Debt	S +	5.75%	10.25%	05/05/2028	16,199	15,424		15,505		0.47
Triple Lift, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.25%	05/05/2028	—	(104)		(73)		—
								45,392		44,807		1.37
IT Services
Apollo Acquisition, Inc.	(6) (7)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	16,797	16,629		16,629		0.51
Apollo Acquisition, Inc.	(6) (19)	First Lien Debt	S +	5.00%	9.33%	12/30/2031	—	(29)		(29)		—
Apollo Acquisition, Inc.	(6) (19)	First Lien Debt	S +	5.00%	9.33%	12/30/2030	—	(23)		(23)		—
Asurion, LLC		First Lien Debt	S +	4.25%	8.61%	09/19/2030	7,342	7,329		7,316		0.22
Atlas Purchaser, Inc.	(7) (11)	First Lien Debt	S +	7.50% (incl. 5.50% PIK)	11.33%	05/05/2028	2,490	1,596		1,484		0.05
Atlas Purchaser, Inc.	(7) (11)	First Lien Debt	S +	7.50% (incl. 6.50% PIK)	11.33%	05/05/2028	1,076	886		1,076		0.03
Catalis Intermediate, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.50%	9.98%	08/04/2027	23,379	22,828		23,028		0.70
Catalis Intermediate, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.98%	08/04/2027	5,260	5,141		5,181		0.16
Catalis Intermediate, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.98%	08/04/2027	907	849		868		0.03
Donuts, Inc.	(6) (7) (10)	First Lien Debt	S +	5.00%	9.49%	12/29/2027	20,849	20,816		20,807		0.64
Endure Digital, Inc.	(10)	First Lien Debt	S +	3.50%	8.09%	02/10/2028	5,394	5,337		4,477		0.14
Gainwell Acquisition Corp.	(11)	First Lien Debt	S +	4.00%	8.43%	10/01/2027	6,788	6,804		6,560		0.20
GI DI Cornfield Acquisition, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.96%	03/09/2028	31,687	31,276		31,379		0.96
GI DI Cornfield Acquisition, LLC	(6) (19)	First Lien Debt	S +	4.50%	8.96%	03/09/2028	—	(103)		(158)		—
Idera, Inc.	(6) (7) (11)	Second Lien Debt	S +	6.75%	11.47%	03/02/2029	355	355		355		0.01
Redwood Services Group, LLC	(6) (7) (9) (11)	First Lien Debt	S +	6.25%	10.68%	06/15/2029	40,035	39,484		40,035		1.22
Redwood Services Group, LLC	(6) (11)	First Lien Debt	S +	6.25%	10.68%	06/15/2029	34,154	33,722		34,080		1.04
Ridge Trail US Bidco, Inc.	(6) (7) (10) (15)	First Lien Debt	S +	4.50%	8.83%	09/30/2031	48,980	48,265		48,848		1.49
Ridge Trail US Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	4.50%	8.83%	09/30/2031	—	(122)		(46)		—
Ridge Trail US Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	4.50%	8.83%	03/31/2031	1,520	1,439		1,505		0.05
Sedgwick Claims Management Services, Inc.		First Lien Debt	S +	3.00%	7.59%	07/31/2031	6,947	6,971		6,982		0.21
Syntax Systems, Ltd.	(6) (7) (11) (15)	First Lien Debt	S +	5.00%	9.46%	10/27/2028	18,610	18,532		18,569		0.57
Thrive Buyer, Inc. (Thrive Networks)	(6) (10)	First Lien Debt	S +	6.00%	10.78%	01/22/2027	10,566	10,479		10,566		0.32
Thrive Buyer, Inc. (Thrive Networks)	(6) (7) (10)	First Lien Debt	S +	6.00%	10.78%	01/22/2027	6,315	6,268		6,315		0.19
Thrive Buyer, Inc. (Thrive Networks)	(6) (10) (19)	First Lien Debt	S +	6.00%	10.78%	01/22/2027	453	448		453		0.01
UpStack, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.52%	08/25/2031	5,525	5,472		5,525		0.17
UpStack, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.52%	08/25/2031	—	(10)		—		—
UpStack, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.52%	08/25/2031	128	119		128		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Victors Purchaser, LLC	(6) (12)	First Lien Debt	S +	4.75%	9.08%	08/15/2031	11,280		$	11,171	$	11,280	0.34	%
Victors Purchaser, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.08%	08/15/2031	—		(13)		—		—
Victors Purchaser, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.08%	08/15/2031	C$	322	217		224		0.01
									302,133		303,414		9.28
Leisure Products
Recess Holdings, Inc.	(14)	First Lien Debt	S +	4.50%	9.09%	02/20/2030	4,987		5,024		5,030		0.15
Life Sciences Tools & Services
Cambrex Corporation		First Lien Debt	S +	3.50%	7.96%	12/04/2026	2,416		2,418		2,412		0.07
Curia Global, Inc.	(11)	First Lien Debt	S +	3.75%	8.44%	08/30/2026	6,789		6,795		6,468		0.20
Model N, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.33%	06/27/2031	19,847		19,659		19,847		0.61
Model N, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	06/27/2031	—		(25)		—		—
Model N, Inc.	(6) (11) (19)	First Lien Debt	S +	5.00%	9.33%	06/27/2031	—		(27)		—		—
Packaging Coordinators Midco, Inc.	(11)	First Lien Debt	S +	3.25%	7.84%	11/30/2027	6,824		6,836		6,848		0.21
Parexel International Corporation	(12)	First Lien Debt	S +	3.00%	7.36%	11/15/2028	6,544		6,553		6,582		0.20
									42,209		42,157		1.29
Machinery
AI Aqua Merger Sub, Inc.	(12)	First Lien Debt	S +	3.50%	8.05%	07/31/2028	6,693		6,700		6,693		0.20
Answer Acquisition, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.48%	12/30/2026	38,933		38,590		38,669		1.18
Answer Acquisition, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.48%	12/30/2026	—		(23)		(24)		—
Chase Intermediate, LLC	(6) (19)	First Lien Debt	S +	4.75%	9.08%	10/30/2028	7,936		7,753		7,907		0.24
Chase Intermediate, LLC	(6) (19)	First Lien Debt	S +	4.75%	9.08%	10/30/2028	—		(14)		—		—
Conair Holdings, LLC	(12)	First Lien Debt	S +	3.75%	8.22%	05/17/2028	3,880		3,882		3,475		0.11
Engineered Machinery Holdings, Inc.	(11)	First Lien Debt	S +	3.75%	8.34%	05/19/2028	5,394		5,383		5,425		0.17
Filtration Group Corporation	(12)	First Lien Debt	S +	3.50%	7.97%	10/21/2028	4,850		4,854		4,882		0.15
Icebox Holdco III, Inc.	(12)	First Lien Debt	S +	3.50%	8.09%	12/22/2028	3,431		3,439		3,452		0.11
Madison IAQ, LLC	(12)	First Lien Debt	S +	2.75%	7.89%	06/21/2028	4,849		4,846		4,862		0.15
MHE Intermediate Holdings, LLC	(6) (10)	First Lien Debt	S +	6.00%	10.92%	07/21/2027	7,791		7,767		7,791		0.24
MHE Intermediate Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	10.92%	07/21/2027	6,429		6,375		6,429		0.20
MHE Intermediate Holdings, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.92%	07/21/2027	214		214		214		0.01
Pro Mach Group, Inc.	(14)	First Lien Debt	S +	3.50%	7.86%	08/31/2028	5,000		5,030		5,037		0.15
Roper Industrial Products Investment Company, LLC	(12)	First Lien Debt	S +	2.75%	7.08%	11/22/2029	3,970		3,988		3,977		0.12
TK Elevator US Newco, Inc.	(12) (14)	First Lien Debt	S +	3.50%	8.59%	04/30/2030	6,852		6,875		6,898		0.21
									105,659		105,687		3.23
Media
Aragorn Parent Corporation		First Lien Debt	S +	4.00%	8.34%	12/15/2028	5,814		5,803		5,848		0.18
MJH Healthcare Holdings, LLC		First Lien Debt	S +	3.25%	7.71%	01/28/2029	2,494		2,503		2,505		0.08
									8,306		8,353		0.26

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Multi-Utilities
AWP Group Holdings, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	9.11%	12/23/2030	48,606	$	47,420	$	48,606	1.49	%
AWP Group Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.11%	12/23/2030	5,616	5,508		5,616		0.17
AWP Group Holdings, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.11%	12/23/2030	262	210		262		0.01
Vessco Midco Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	9.11%	07/24/2031	33,937	33,615		33,937		1.04
Vessco Midco Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.11%	07/24/2031	2,979	2,912		2,979		0.09
Vessco Midco Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	4.75%	9.11%	07/24/2031	—	(35)		—		—
								89,630		91,400		2.79
Pharmaceuticals
Caerus US 1, Inc.	(6) (9) (11) (15)	First Lien Debt	S +	5.00%	9.33%	05/25/2029	40,811	40,159		39,566		1.21
Caerus US 1, Inc.	(6) (11) (15)	First Lien Debt	S +	5.00%	9.33%	05/25/2029	5,972	5,870		5,790		0.18
Caerus US 1, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.00%	9.33%	05/25/2029	328	264		194		0.01
								46,293		45,550		1.39
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (7) (10)	First Lien Debt	S +	6.25%	11.17%	03/10/2027	3,913	3,768		3,913		0.12
Abacus Data Holdings, Inc. (AbacusNext)	(6) (10) (19)	First Lien Debt	S +	6.25%	11.17%	03/10/2027	—	(22)		—		—
Accordion Partners, LLC	(6) (11)	First Lien Debt	S +	5.25%	9.58%	11/17/2031	53,217	52,692		52,692		1.61
Accordion Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	11/17/2031	—	(43)		(44)		—
Accordion Partners, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	11/17/2031	—	(58)		(58)		—
Ascend Partner Services, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.86%	08/11/2031	1,306	1,294		1,306		0.04
Ascend Partner Services, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.86%	08/11/2031	—	(11)		—		—
Ascend Partner Services, LLC	(6) (11) (19)	First Lien Debt	S +	4.50%	8.86%	08/11/2031	269	265		269		0.01
Bridgepointe Technologies, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.33%	12/31/2027	18,669	18,290		18,527		0.57
Bridgepointe Technologies, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	12/31/2027	24,133	23,614		23,919		0.73
Bullhorn, Inc.	(6) (10)	First Lien Debt	S +	5.00%	9.36%	10/01/2029	3,429	3,406		3,429		0.10
Bullhorn, Inc.	(6) (10)	First Lien Debt	S +	5.00%	9.36%	10/01/2029	3,944	3,924		3,944		0.12
Bullhorn, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.36%	10/01/2029	—	(2)		—		—
Carr, Riggs and Ingram Capital, LLC	(6) (7) (12)	First Lien Debt	S +	4.75%	9.24%	11/18/2031	14,663	14,518		14,518		0.44
Carr, Riggs and Ingram Capital, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.24%	11/18/2031	—	(37)		(37)		—
Carr, Riggs and Ingram Capital, LLC	(6) (12) (19)	First Lien Debt	S +	4.75%	9.24%	11/18/2031	425	392		392		0.01
Citrin Cooperman Advisors, LLC	(6) (11)	First Lien Debt	S +	5.00%	9.30%	10/01/2027	8,604	8,543		8,604		0.26
Citrin Cooperman Advisors, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.30%	10/01/2027	14,518	14,476		14,518		0.44
ComPsych Investment Corp.	(6) (8) (11)	First Lien Debt	S +	4.75%	9.38%	07/22/2031	16,302	16,224		16,302		0.50
ComPsych Investment Corp.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.38%	07/22/2031	—	(11)		—		—
CoreLogic, Inc.	(12)	First Lien Debt	S +	3.50%	7.97%	06/02/2028	4,987	4,975		4,918		0.15
Crisis Prevention Institute, Inc.	(6) (12)	First Lien Debt	S +	4.00%	8.39%	04/09/2031	18,000	17,916		18,000		0.55
Deerfield Dakota Holding, LLC	(10)	First Lien Debt	S +	3.75%	8.08%	04/09/2027	4,848	4,860		4,733		0.14

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
EAB Global, Inc.		First Lien Debt	S +	3.25%	7.61%	08/16/2028	3,960	$	3,958	$	3,969	0.12	%
Employbridge Holding Company	(11)	First Lien Debt	S +	4.75%	9.62%	07/19/2028	2,425	2,425		1,574		0.05
GPS Merger Sub, LLC	(6) (8) (10)	First Lien Debt	S +	6.00%	10.36%	10/02/2029	15,949	15,720		15,920		0.49
GPS Merger Sub, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.36%	10/02/2029	—	(27)		—		—
GPS Merger Sub, LLC	(6) (10) (19)	First Lien Debt	S +	6.00%	10.36%	10/02/2029	—	(39)		—		—
IG Investment Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.57%	09/22/2028	33,262	32,942		32,942		1.01
IG Investment Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.57%	09/22/2028	—	(36)		(36)		—
KENG Acquisition, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	9.36%	08/01/2029	11,035	10,813		10,981		0.34
KENG Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.36%	08/01/2029	3,758	3,623		3,708		0.11
KENG Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	5.00%	9.36%	08/01/2029	—	(57)		(15)		—
KWOR Acquisition, Inc.	(6) (7) (8) (17)	First Lien Debt	P +	4.25%	11.75%	12/22/2028	23,644	23,319		17,362		0.53
KWOR Acquisition, Inc.	(6) (17)	First Lien Debt	P +	4.25%	11.75%	12/22/2028	4,624	4,554		3,396		0.10
KWOR Acquisition, Inc.	(6) (17)	First Lien Debt	P +	4.25%	11.75%	12/22/2027	1,098	1,087		806		0.02
Mermaid Bidco, Inc.	(14)	First Lien Debt	S +	3.25%	7.80%	07/03/2031	4,000	4,015		4,018		0.12
Project Boost Purchaser, LLC	(6) (8) (11)	First Lien Debt	S +	5.25%	9.76%	05/02/2029	12,023	11,940		12,023		0.37
Project Boost Purchaser, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.76%	05/02/2028	377	372		377		0.01
Tidal Waste & Recycling Holdings, LLC	(14)	First Lien Debt	S +	3.50%	7.83%	10/24/2031	2,000	2,007		2,011		0.06
UHY Advisors, Inc.	(6) (9) (11)	First Lien Debt	S +	4.75%	9.26%	11/21/2031	7,727	7,651		7,651		0.23
UHY Advisors, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.26%	11/21/2031	—	(38)		(38)		—
UHY Advisors, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.26%	11/21/2031	—	(20)		(20)		—
Verdantas, LLC	(6) (11)	First Lien Debt	S +	5.00%	9.45%	05/06/2031	33,091	32,628		32,757		1.00
Verdantas, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.45%	05/06/2031	1,398	1,350		1,359		0.04
Verdantas, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.45%	05/06/2030	—	(47)		(36)		—
								347,113		340,554		10.41
Real Estate Management & Development
Associations, Inc.	(6) (10)	First Lien Debt	S +	6.50%	11.32%	07/03/2028	10,893	10,884		10,893		0.33
Associations, Inc.	(6) (10) (19)	First Lien Debt	S +	6.50%	11.32%	07/03/2028	141	141		141		—
Associations, Inc.	(6) (10) (19)	First Lien Debt	S +	6.50%	11.32%	07/03/2028	339	338		339		0.01
MRI Software, LLC	(6) (10)	First Lien Debt	S +	4.75%	9.08%	02/10/2027	68,783	68,620		68,735		2.10
MRI Software, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	02/10/2027	716	673		713		0.02
MRI Software, LLC	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	02/10/2027	304	279		301		0.01
Pritchard Industries, LLC	(6) (7) (11)	First Lien Debt	S +	5.75%	10.29%	10/13/2027	10,721	10,579		10,593		0.32
Pritchard Industries, LLC	(6) (11)	First Lien Debt	S +	5.75%	10.29%	10/13/2027	2,563	2,529		2,533		0.08
Zarya Intermediate, LLC	(6) (10) (15)	First Lien Debt	S +	6.50%	11.01%	07/01/2027	38,869	38,832		38,830		1.19
Zarya Intermediate, LLC	(6) (10) (15) (19)	First Lien Debt	S +	6.50%	11.01%	07/01/2027	—	—		(4)		—
								132,875		133,074		4.07

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Software
Alert Media, Inc.	(6) (10)	First Lien Debt	S +	6.75% (incl 5.75% PIK)	11.08%	04/12/2027	22,079	$	21,731	$	21,756	0.67	%
Alert Media, Inc.	(6) (10)	First Lien Debt	S +	6.75% (incl 5.75% PIK)	11.08%	04/12/2027	10,000	9,817		9,833		0.30
Alert Media, Inc.	(6) (10) (19)	First Lien Debt	S +	6.75% (incl 5.75% PIK)	11.08%	04/12/2027	—	(45)		(44)		—
Anaplan, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.25%	9.58%	06/21/2029	80,774	79,876		80,475		2.46
Appfire Technologies, LLC	(6) (7) (10)	First Lien Debt	S +	5.00%	9.33%	03/09/2028	12,956	12,914		12,956		0.40
Appfire Technologies, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	03/09/2028	—	(27)		—		—
Appfire Technologies, LLC	(6) (10) (19)	First Lien Debt	S +	5.00%	9.33%	03/09/2028	45	39		45		—
Apryse Software Corp.	(6) (7) (10) (15)	First Lien Debt	S +	5.00%	9.59%	07/15/2027	13,897	13,897		13,880		0.42
Applied Systems, Inc.		First Lien Debt	S +	3.00%	7.33%	02/24/2031	3,980	3,998		4,016		0.12
Artifact Bidco, Inc.	(6) (12)	First Lien Debt	S +	4.50%	8.83%	07/01/2031	21,837	21,629		21,837		0.67
Artifact Bidco, Inc.	(6) (12) (19)	First Lien Debt	S +	4.50%	8.83%	07/01/2031	—	(25)		—		—
Artifact Bidco, Inc.	(6) (12) (19)	First Lien Debt	S +	4.50%	8.83%	07/01/2030	—	(35)		—		—
Astra Acquisition Corp.	(12)	First Lien Debt	S +	5.25%	10.20%	02/25/2028	846	759		550		0.02
Astra Acquisition Corp.	(12)	First Lien Debt	S +	5.25%	10.20%	10/25/2028	1,186	656		59		—
AuditBoard, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	9.08%	07/14/2031	34,200	33,875		34,200		1.05
AuditBoard, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	07/14/2031	—	(76)		—		—
AuditBoard, Inc.	(6) (10) (19)	First Lien Debt	S +	4.75%	9.08%	07/14/2031	—	(61)		—		—
Bottomline Technologies, Inc.	(6) (11)	First Lien Debt	S +	5.75%	10.32%	05/14/2029	23,763	23,424		23,763		0.73
Bottomline Technologies, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75%	10.32%	05/15/2028	—	(19)		—		—
Central Parent, Inc.	(14)	First Lien Debt	S +	3.25%	7.58%	07/06/2029	3,990	3,995		3,931		0.12
CLEO Communications Holding, LLC	(6) (7) (10)	First Lien Debt	S +	5.50%	9.96%	06/09/2027	17,013	16,898		17,013		0.52
CLEO Communications Holding, LLC	(6) (10) (19)	First Lien Debt	S +	5.50%	9.96%	06/09/2027	—	(36)		—		—
Cloud Software Group, Inc.	(12)	First Lien Debt	S +	3.50%	7.83%	03/30/2029	4,442	4,424		4,452		0.14
Cloudera, Inc.	(12)	First Lien Debt	S +	3.75%	8.21%	10/08/2028	5,431	5,400		5,409		0.17
Clover Holdings 2, LLC	(14)	First Lien Debt	S +	4.00%	8.43%	12/09/2031	5,000	4,994		5,050		0.15
Clover Holdings SPV III, LLC		First Lien Debt			15.00%	12/18/2027	281	276		282		0.01
Coupa Holdings, LLC	(6) (9) (11)	First Lien Debt	S +	5.50%	10.09%	02/27/2030	20,922	20,504		20,828		0.64
Coupa Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	10.09%	02/27/2030	—	(7)		(4)		—
Coupa Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.50%	10.09%	02/27/2029	—	(10)		(3)		—
Cyara AcquisitionCo, LLC	(6) (10)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.85%	06/28/2029	62,363	61,099		62,363		1.91
Cyara AcquisitionCo, LLC	(6) (10) (19)	First Lien Debt	S +	6.25% (incl. 2.25% PIK)	10.85%	06/28/2029	—	(78)		—		—
Diligent Corporation	(6) (11)	First Lien Debt	S +	5.00%	10.09%	08/02/2030	73,157	72,652		73,157		2.24
Diligent Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	10.09%	08/02/2030	—	(72)		—		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Diligent Corporation	(6) (11) (19)	First Lien Debt	S +	5.00%	10.09%	08/02/2030	—	$	(48)	$	—	—	%
E-Discovery AcquireCo, LLC	(6) (10)	First Lien Debt	S +	6.25%	10.70%	08/29/2029	36,747	36,045		36,600		1.12
E-Discovery AcquireCo, LLC	(6) (10) (19)	First Lien Debt	S +	6.25%	10.70%	08/29/2029	—	(70)		(17)		—
ECI Macola Max Holding, LLC	(11)	First Lien Debt	S +	3.25%	7.58%	05/09/2030	4,850	4,855		4,891		0.15
Epicor Software Corporation	(11)	First Lien Debt	S +	2.75%	7.11%	05/30/2031	5,169	5,184		5,203		0.16
Everbridge Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.59%	07/02/2031	64,438	64,133		64,438		1.97
Everbridge Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.59%	07/02/2031	7,157	7,098		7,157		0.22
Everbridge Holdings, LLC	(6) (11) (19)	First Lien Debt	S +	5.00%	9.59%	07/02/2031	—	(34)		—		—
Formstack Acquisition Co	(6) (10)	First Lien Debt	S +	5.25%	9.58%	03/28/2030	58,218	57,441		57,852		1.77
Formstack Acquisition Co	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	03/28/2030	5,817	5,623		5,671		0.17
Formstack Acquisition Co	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	03/28/2030	1,169	1,018		1,095		0.03
Fullsteam Operations, LLC	(6) (7) (10)	First Lien Debt	S +	8.25%	12.91%	11/27/2029	19,976	19,462		19,976		0.61
Fullsteam Operations, LLC	(6) (10) (19)	First Lien Debt	S +	8.25%	12.91%	11/27/2029	12,137	11,645		12,137		0.37
Fullsteam Operations, LLC	(6) (10) (19)	First Lien Debt	S +	8.25%	12.91%	11/27/2029	—	(27)		—		—
GoTo Group, Inc.		First Lien Debt	S +	4.75%	9.30%	04/28/2028	4,797	4,118		3,357		0.10
Granicus, Inc.	(6) (7) (9) (11)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.34%	01/17/2031	62,718	62,185		62,718		1.92
Granicus, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.34%	01/17/2031	12,873	12,788		12,871		0.39
Granicus, Inc.	(6) (11) (19)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.34%	01/17/2031	—	(74)		—		—
GS AcquisitionCo, Inc.	(6) (7) (10)	First Lien Debt	S +	5.25%	9.58%	05/25/2028	62,556	62,364		62,556		1.91
GS AcquisitionCo, Inc.	(6) (11) (19)	First Lien Debt	S +	5.25%	9.58%	05/25/2028	863	854		863		0.03
GS AcquisitionCo, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.58%	05/25/2028	—	(20)		—		—
Hootsuite, Inc.	(6) (15)	First Lien Debt	S +	5.50%	9.83%	05/22/2030	18,806	18,545		18,640		0.57
Hootsuite, Inc.	(6) (15) (19)	First Lien Debt	S +	5.50%	9.83%	05/22/2030	—	(28)		(18)		—
Icefall Parent, Inc.	(6) (7) (10)	First Lien Debt	S +	6.50%	10.86%	01/25/2030	25,949	25,490		25,541		0.78
Icefall Parent, Inc.	(6) (10) (19)	First Lien Debt	S +	6.50%	10.86%	01/25/2030	—	(42)		(39)		—
Ivanti Software, Inc.	(12)	First Lien Debt	S +	4.25%	9.12%	12/01/2027	2,431	2,433		1,665		0.05
Kaseya, Inc.	(6) (9) (11)	First Lien Debt	S +	5.50%	10.09%	06/25/2029	52,656	52,105		52,656		1.61
Kaseya, Inc.	(6) (11)	First Lien Debt	S +	5.50%	10.09%	06/25/2029	808	788		807		0.02
Kaseya, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	10.09%	06/25/2029	795	765		795		0.02
LegitScript, LLC	(6) (7) (8) (11)	First Lien Debt	S +	5.75%	10.11%	06/24/2029	36,984	36,516		36,984		1.13
LegitScript, LLC	(6) (11)	First Lien Debt	S +	5.75%	10.11%	06/24/2029	978	966		978		0.03
LegitScript, LLC	(6) (11) (19)	First Lien Debt	S +	5.75%	10.11%	06/24/2028	1,875	1,815		1,875		0.06
LogRhythm, Inc.	(6) (10)	First Lien Debt	S +	7.50%	11.86%	07/02/2029	6,818	6,629		6,694		0.20
LogRhythm, Inc.	(6) (10) (19)	First Lien Debt	S +	7.50%	11.86%	07/02/2029	—	(18)		(12)		—
Magenta Buyer, LLC	(11)	First Lien Debt	S +	5.00%	9.85%	07/27/2028	4,875	4,863		1,462		0.04

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
McAfee, LLC		First Lien Debt	S +	3.00%	7.37%	03/01/2029	4,975		$	4,975	$	4,974	0.15	%
Mediaocean, LLC	(12) (14)	First Lien Debt	S +	3.50%	7.96%	12/15/2028	3,940		3,947		3,950		0.12
Montana Buyer, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	9.36%	07/22/2029	32,204		31,818		32,204		0.98
Montana Buyer, Inc.	(6) (19)	First Lien Debt	P +	4.00%	11.50%	07/22/2028	636		600		636		0.02
Nasuni Corporation	(6) (7) (11)	First Lien Debt	S +	5.75%	10.18%	09/10/2030	21,552		21,241		21,552		0.66
Nasuni Corporation	(6) (11) (19)	First Lien Debt	S +	5.75%	10.18%	09/10/2030	—		(64)		—		—
Netwrix Corporation And Concept Searching, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	4.75%	9.26%	06/11/2029	25,305		25,139		25,143		0.77
Netwrix Corporation And Concept Searching, Inc.	(6) (11) (19)	First Lien Debt	S +	4.75%	9.26%	06/11/2029	—		(10)		(10)		—
Oak Purchaser, Inc.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.83%	04/28/2028	11,724		11,622		11,623		0.36
Oak Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.83%	04/28/2028	6,791		6,711		6,699		0.20
Oak Purchaser, Inc.	(6) (11) (19)	First Lien Debt	S +	5.50%	9.83%	04/28/2028	—		(8)		(11)		—
Optimizely North America, Inc.	(6) (11) (15)	First Lien Debt	S +	5.00%	9.36%	10/30/2031	18,101		17,923		17,923		0.55
Optimizely North America, Inc.	(6) (11) (15)	First Lien Debt	E +	5.25%	8.11%	10/30/2031	€	6,663	7,167		6,832		0.21
Optimizely North America, Inc.	(6) (11) (15)	First Lien Debt	SA +	5.50%	10.20%	10/30/2031	£	2,221	2,861		2,754		0.08
Optimizely North America, Inc.	(6) (11) (15) (19)	First Lien Debt	S +	5.00%	9.36%	10/30/2031	—		(26)		(26)		—
PDFTron Systems, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	5.00%	9.52%	07/15/2026	1,100		1,100		1,096		0.03
Polaris Newco, LLC	(12)	First Lien Debt	S +	4.00%	8.85%	06/02/2028	4,850		4,861		4,855		0.15
Pound Bidco, Inc.	(6) (7) (10) (15)	First Lien Debt	S +	6.00%	10.86%	02/01/2027	3,743		3,742		3,733		0.11
Pound Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	6.00%	10.86%	02/01/2027	89		89		88		—
Pound Bidco, Inc.	(6) (10) (15) (19)	First Lien Debt	S +	6.00%	10.86%	02/01/2027	—		—		(1)		—
Project Leopard Holdings, Inc.	(7) (8) (12) (15)	First Lien Debt	S +	5.25%	9.94%	07/20/2029	22,854		21,662		20,397		0.62
Proofpoint, Inc.	(12)	First Lien Debt	S +	3.00%	7.36%	08/31/2028	7,041		7,035		7,070		0.22
Quartz Acquireco, LLC		First Lien Debt	S +	2.75%	7.08%	06/28/2030	4,950		4,961		4,981		0.15
Quest Software US Holdings, Inc.		First Lien Debt	P +	3.25%	10.75%	02/01/2029	3,910		3,892		2,476		0.08
Red Planet Borrower, LLC	(12)	First Lien Debt	S +	3.50%	7.96%	10/02/2028	4,850		4,859		4,762		0.15
Reorganized Mobileum Acquisition Co, LLC	(6) (10)	First Lien Debt	S +	6.00% (incl. 5.00% PIK)	10.45%	09/11/2029	4,796		4,796		4,796		0.15
Revalize, Inc.	(6) (10)	First Lien Debt	S +	5.75%	10.49%	04/15/2027	14,327		13,816		13,354		0.41
Revalize, Inc.	(6) (10) (19)	First Lien Debt	S +	5.75%	10.49%	04/15/2027	566		559		513		0.02
Riskonnect Parent, LLC	(6) (7) (9) (11)	First Lien Debt	S +	5.25%	9.55%	12/07/2028	30,600		30,116		30,367		0.93
Riskonnect Parent, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	12/07/2028	23,549		23,108		23,329		0.71
Riskonnect Parent, LLC	(6) (11) (19)	First Lien Debt	S +	5.25%	9.55%	12/07/2028	—		(70)		(34)		—
Runway Bidco, LLC	(6) (7) (12)	First Lien Debt	S +	5.00%	9.33%	12/17/2031	18,054		17,875		17,875		0.55
Runway Bidco, LLC	(6) (12) (19)	First Lien Debt	S +	5.00%	9.33%	12/17/2031	—		(22)		(22)		—
Runway Bidco, LLC	(6) (12) (19)	First Lien Debt	S +	5.00%	9.33%	12/17/2031	—		(22)		(22)		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Securonix, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	12.34%	04/05/2028	30,014	$	29,269	$	27,358	0.84	%
Securonix, Inc.	(6) (11) (19)	First Lien Debt	S +	7.00% (incl. 3.75% PIK)	12.34%	04/05/2028	122	(5)		(356)		(0.01)
Sophia, L.P.	(12)	First Lien Debt	S +	3.00%	7.36%	10/09/2029	4,339	4,337		4,364		0.13
Trunk Acquisition, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	6.00%	10.48%	02/19/2030	11,086	11,026		11,028		0.34
Trunk Acquisition, Inc.	(6) (7) (10)	First Lien Debt	S +	6.00%	10.48%	02/19/2030	2,156	2,134		2,134		0.07
Trunk Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.48%	02/19/2030	—	(11)		(11)		—
Trunk Acquisition, Inc.	(6) (10) (19)	First Lien Debt	S +	6.00%	10.48%	02/19/2026	—	(4)		(6)		—
UKG, Inc.		First Lien Debt	S +	3.00%	7.33%	02/10/2031	4,975	4,986		5,007		0.15
Veritas US, Inc.		First Lien Debt	P +	11.50%	19.25%	12/09/2029	842	840		837		0.03
Vision Solutions, Inc.	(12)	First Lien Debt	S +	4.00%	8.85%	04/24/2028	4,850	4,849		4,767		0.15
								1,251,407		1,250,178		38.22
Specialty Retail
Les Schwab Tire Centers	(12)	First Lien Debt	S +	3.00%	7.36%	04/23/2031	6,847	6,853		6,875		0.21
Textiles, Apparel & Luxury Goods
Varsity Brands, Inc.	(14)	First Lien Debt	S +	3.75%	8.27%	08/26/2031	3,000	3,011		3,001		0.09
Trading Companies & Distributors
Spin Holdco, Inc.	(11)	First Lien Debt	S +	4.00%	8.71%	03/04/2028	4,849	4,856		4,072		0.12
White Cap Buyer, LLC		First Lien Debt	S +	3.25%	7.61%	10/19/2029	2,444	2,446		2,446		0.07
								7,302		6,518		0.20
Transportation Infrastructure
Brown Group Holding, LLC	(12)	First Lien Debt	S +	2.50%	7.00%	07/01/2031	4,975	4,981		4,986		0.15
KKR Apple Bidco, LLC	(12)	First Lien Debt	S +	2.75%	7.22%	09/22/2028	4,850	4,846		4,872		0.15
								9,827		9,858		0.30
Wireless Telecommunication Services
CCI Buyer, Inc.	(11)	First Lien Debt	S +	4.00%	8.33%	12/17/2027	4,889	4,852		4,887		0.15
Mobile Communications America, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.25%	9.78%	10/16/2029	13,514	13,346		13,514		0.41
Mobile Communications America, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.78%	10/16/2029	840	808		840		0.03
Mobile Communications America, Inc.	(6) (10) (19)	First Lien Debt	S +	5.25%	9.78%	10/16/2029	550	525		550		0.02
								19,531		19,791		0.61
Total Debt Investments								$	6,045,815	$	6,020,987	184.06	%

Investments-non-controlled/non-affiliated(1) (2)

Footnotes

Investment

Reference Rate and Spread

Acquisition Date

Par Amount/ Shares(4)

Cost(5)

Fair Value

Percentage of Net Assets

Equity Investments

Aerospace & Defense

PCX Holding Corp.

(6) (16) (18)

Common Equity

07/15/2024

1,154

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Automobile Components
Shelby Co-invest, LP (Spectrum Automotive)	(6) (16) (18)	Common Equity			07/15/2024	1,500	$	228	$	258	0.01	%

Wheel Pros, LLC	(16) (18)	Common Equity			12/02/2024	10,032	1,655		1,655		0.05
							1,883		1,913		0.06
Commercial Services & Supplies
Encore Holdings, LLC	(6) (16) (18)	Common Equity			07/15/2024	602	194		221		0.01
Procure Acquiom Financial, LLC (Procure Analytics)	(6) (16) (18)	Common Equity			07/15/2024	500,000	625		735		0.02
Surewerx Topco, LP	(6) (15) (16) (18)	Common Equity			12/28/2022	384	413		512		0.02
							1,232		1,468		0.04
Containers & Packaging
BP Purchaser, LLC	(6) (16) (18)	Common Equity			07/15/2024	1,383,156	878		659		0.02
BP Purchaser, LLC Rights	(6) (16) (18)	Common Equity			07/15/2024	1,666,989	76		83		—
FORTIS Solutions Group, LLC	(6) (16)	Preferred Equity		12.25%	06/24/2022	4,000,000	5,064		3,920		0.12
							6,018		4,662		0.14
Distributors
48Forty Solutions, LLC	(6) (7) (9) (16) (18)	Common Equity			11/01/2024	7,205	—		—		—
Diversified Consumer Services
Eclipse Topco, Inc.	(6) (16)	Preferred Equity		12.50% PIK	09/05/2024	310	3,048		3,036		0.09
LUV Car Wash	(6) (16) (18)	Common Equity			12/06/2022	1,383	1,331		933		0.03
							4,379		3,969		0.12
Electrical Equipment
Sparkstone Electrical Group	(6) (16) (18)	Common Equity			10/15/2024	1,500	150		150		—
Health Care Providers & Services
SDB Holdco, LLC	(6) (16) (18)	Common Equity			03/29/2024	14,561,479	—		—		—
Suveto Buyer, LLC	(6) (15) (16) (18)	Common Equity			07/15/2024	3,398	306		330		0.01
Vardiman Black Holdings, LLC	(6) (16)	Preferred Equity		6.00% PIK	03/29/2024	7,065,190	4,798		2,462		0.08
							5,104		2,792		0.09
Insurance Services
Amerilife Holdings, LLC	(6) (16) (18)	Common Equity			09/01/2022	9,880	273		590		0.02
Frisbee Holdings, LP (Fetch)	(6) (16) (18)	Common Equity			10/31/2022	33,276	424		535		0.02
Integrity Marketing Acquisition, LLC	(6) (16)	Preferred Equity		10.50%	07/15/2024	750,000	1,013		998		0.03
							1,710		2,123		0.06
IT Services
CSC Thrive Holdings, LP (Thrive Networks)	(6) (16) (18)	Common Equity			07/15/2024	54,103	282		361		0.01
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (16) (18)	Common Equity			07/15/2024	21,459	332		286		0.01
Verdantas, LLC	(6) (16) (18)	Common Equity			05/03/2024	8,848	9		11		—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Verdantas, LLC	(6) (16)	Preferred Equity		10.00%	05/03/2024	875,952	$	936	$	1,060	0.03	%
							1,277		1,357		0.04
Real Estate Management & Development
Pritchard Industries, LLC	(6) (16) (18)	Common Equity			10/13/2021	332,248	352		312		0.01
Software
Cohesity Global, Inc.	(16)	Preferred Equity			12/09/2024	18,617	382		382		0.01
Fullsteam Operations, LLC	(6) (16) (18)	Common Equity			11/27/2023	45,080	1,520		3,630		0.11
Knockout Intermediate Holdings I, Inc.	(6) (16)	Preferred Equity		11.75%	06/25/2022	9,990	13,135		13,549		0.41
Reorganized Mobileum Grandparent, LLC	(6) (16) (18)	Common Equity			09/12/2024	234,896	—		—		—
Revalize, Inc.	(6) (16)	Preferred Equity	S +	10.00%	12/14/2021	2,951	4,076		4,281		0.13
Reveal Data Solutions	(6) (16) (18)	Common Equity			08/29/2023	861,539	1,122		1,413		0.04
RSK Holdings, Inc. (Riskonnect)	(6) (16)	Preferred Equity	S +	10.50%	07/07/2022	10,679,200	15,031		15,591		0.48
							35,266		38,846		1.19
Total Equity Investments							$	57,745	$	58,032	1.77	%
Total Portfolio Investments							$	6,103,560	$	6,079,019	185.84	%


Investments non - controlled/non - affiliated
Cash and Cash Equivalents
J.P. Morgan US Government Money Market Fund	$	58,216	$	58,216	1.78	%
Cash	159,788		159,788		4.88
Total Cash and Cash Equivalents	$	218,004	$	218,004	6.66	%
Total Portfolio Investments, Cash and Cash Equivalents	$	6,321,564	$	6,297,023	192.50	%

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


					Interest Rate Swaps(a)(b)
Counterparty	Hedged Instrument	Company Receives	Company Pays		Maturity Date	Notional Amount		Fair Value		Upfront Payments / Receipts		Change in Unrealized Appreciation(Depreciation)
SMBC Capital Markets, Inc.	Series A 2026 Notes	8.10%	S +	4.34%	03/16/2026	$	204,000	$	(1,086)	$	—	$	(1,086)
SMBC Capital Markets, Inc.	Series A 2028 Notes	8.13%	S +	4.56%	03/16/2028	146,000		(2,520)		—		(2,520)
SMBC Capital Markets, Inc.	Series B 2026 Notes	8.84%	S +	5.13%	08/10/2026	107,000		(827)		—		(827)
SMBC Capital Markets, Inc.	Series B 2028 Notes	8.88%	S +	5.30%	08/10/2028	128,000		(2,508)		—		(2,508)
SMBC Capital Markets, Inc.	Series C 2027 Notes	8.92%	S +	4.49%	03/01/2027	136,500		742		—		(1,724)
SMBC Capital Markets, Inc.	Series C 2029 Notes	9.07%	S +	4.77%	03/01/2029	163,500		939		—		(4,145)
MUFG Bank, Ltd.	Series D 2027 Notes	6.84%	S +	3.10%	08/05/2027	100,000		(860)		—		(860)
MUFG Bank, Ltd.	Series D 2029 Notes	6.91%	S +	3.385%	08/05/2029	200,000		(3,864)		—		(3,864)
						$	1,185,000	$	(9,984)	$	—	$	(17,534)

(a) Contains a variable rate structure. Bears interest at a rate determined by SOFR (“S”).

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


(1)			Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of its portfolio companies.
(2)			Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility (as defined below). See Note 6 "Debt".
(3)			Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E"), or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024. As of December 31, 2024, the reference rates for our variable rate loans were the C at 3.32%, 1-month E at 2.85%, 1-month S at 4.33%, 3-month S at 4.31%, 6-month S at 4.25%,SA at 4.70% and the P at 7.50%.
(4)			Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").
(5)			The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(6)			These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(7)			Assets or a portion thereof are pledged as collateral for the JPM (as defined below). See Note 6 “Debt”.
(8)			Assets or a portion thereof are pledged as collateral for the Wells Fargo Funding Facility (as defined below). See Note 6 “Debt”.
(9)			Assets or a portion thereof are pledged as collateral for the CBNA Facility (as defined below). See Note 6 “Debt”.
(10)			Loan includes interest rate floor of 1.00%.
(11)			Loan includes interest rate floor of 0.75%
(12)			Loan includes interest rate floor of 0.50%
(13)			The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".
(14)			Position or portion thereof unsettled as of December 31, 2024.
(15)			The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 6.40% of total assets as calculated in accordance with regulatory requirements.
(16)			Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of December 31, 2024, the aggregate fair value of these securities is $58,032 or 1.77% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(17)			Investment was on non-accrual status as of December 31, 2024.
(18)			Non-income producing security.
(19)			Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date started. See below for more information on the Company’s unfunded commitments as of December 31, 2024

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

First Lien Debt

48Forty Solutions, LLC

Revolver

11/30/2029

4,057

(1,436)

ARI Network Services, Inc.

Revolver

08/28/2026

1,032

(4)

AWP Group Holdings, Inc.

Delayed Draw Term Loan

08/23/2026

2,158

—

AWP Group Holdings, Inc.

Revolver

12/23/2030

4,975

—

Abacus Data Holdings, Inc. (AbacusNext)

Revolver

03/10/2027

600

—

Accordion Partners, LLC

Delayed Draw Term Loan

11/15/2026

8,869

(44)

Accordion Partners, LLC

Revolver

11/17/2031

5,913

(58)

Advarra Holdings, Inc.

Delayed Draw Term Loan

09/14/2026

1,191

—

Alert Media, Inc.

Revolver

04/12/2027

3,870

(44)

Amerilife Holdings, LLC

Delayed Draw Term Loan

06/17/2026

1,879

—

Answer Acquisition, LLC

Revolver

12/30/2026

3,500

(24)

Any Hour, LLC

Delayed Draw Term Loan

05/23/2026

3,127

(33)

Any Hour, LLC

Revolver

05/23/2030

900

(10)

Apex Service Partners, LLC

Revolver

10/24/2029

1,819

—

Apollo Acquisition, Inc.

Delayed Draw Term Loan

12/30/2026

5,859

(29)

Apollo Acquisition, Inc.

Revolver

12/30/2030

2,344

(23)

Appfire Technologies, LLC

Delayed Draw Term Loan

03/31/2025

2,125

—

Appfire Technologies, LLC

Delayed Draw Term Loan

06/28/2026

1,465

—

Appfire Technologies, LLC

Revolver

03/09/2028

579

—

Applitools, Inc.

Revolver

05/25/2028

1,600

(14)

Aptean, Inc.

Delayed Draw Term Loan

01/30/2026

3,222

(5)

Aptean, Inc.

Revolver

01/30/2031

5,903

(8)

Arcoro Holdings Corp.

Revolver

03/28/2030

8,609

(63)

Artifact Bidco, Inc.

Delayed Draw Term Loan

05/22/2027

5,345

—

Artifact Bidco, Inc.

Revolver

07/26/2030

3,818

—

Ascend Partner Services, LLC

Delayed Draw Term Loan

08/09/2026

2,245

—

Ascend Partner Services, LLC

Revolver

08/11/2031

180

—

Assembly Intermediate, LLC

Revolver

10/19/2027

889

—

Associations, Inc.

Delayed Draw Term Loan

07/03/2028

705

—

Associations, Inc.

Revolver

07/03/2028

339

—

Atlas Us Finco, Inc.

Revolver

12/09/2028

1,360

—

AuditBoard, Inc.

Delayed Draw Term Loan

07/12/2026

16,286

—

AuditBoard, Inc.

Revolver

07/14/2031

6,514

—

Avalara, Inc.

Revolver

10/19/2028

2,242

—

Bottomline Technologies, Inc.

Revolver

05/15/2028

1,733

—

Bradyplus Holdings, LLC

Delayed Draw Term Loan

10/31/2025

1,026

—

Bridgepointe Technologies, LLC

Delayed Draw Term Loan

06/03/2026

2,293

(26)

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Bullhorn, Inc.

Delayed Draw Term Loan

05/11/2026

770

—

Bullhorn, Inc.

Revolver

10/01/2029

399

—

CLEO Communications Holding, LLC

Revolver

06/09/2027

5,358

—

COP Collisionright Parent, LLC

Delayed Draw Term Loan

01/29/2026

8,971

(106)

COP Collisionright Parent, LLC

Revolver

01/29/2030

4,309

(51)

CRCI Longhorn Holdings, Inc.

Delayed Draw Term Loan

08/27/2026

2,206

—

CRCI Longhorn Holdings, Inc.

Revolver

08/27/2031

809

—

Caerus US 1, Inc.

Revolver

05/25/2029

4,044

(123)

Carr, Riggs and Ingram Capital, LLC

Delayed Draw Term Loan

11/18/2026

7,438

(37)

Carr, Riggs and Ingram Capital, LLC

Revolver

11/18/2031

2,975

(29)

Catalis Intermediate, Inc.

Revolver

08/04/2027

1,727

(26)

Cerity Partners, LLC

Delayed Draw Term Loan

06/07/2026

3,423

—

Cerity Partners, LLC

Revolver

07/30/2029

707

—

Chase Intermediate, LLC

Delayed Draw Term Loan

08/31/2025

11,574

(17)

Chase Intermediate, LLC

Revolver

10/30/2028

978

—

Citrin Cooperman Advisors, LLC

Delayed Draw Term Loan

12/13/2025

248

—

ComPsych Investment Corp.

Delayed Draw Term Loan

07/23/2027

4,667

—

Consor Intermediate II, LLC

Delayed Draw Term Loan

05/10/2026

5,298

(30)

Consor Intermediate II, LLC

Revolver

05/12/2031

1,413

(8)

Coupa Holdings, LLC

Delayed Draw Term Loan

08/27/2025

851

(4)

Coupa Holdings, LLC

Revolver

02/27/2029

651

(3)

Cyara AcquisitionCo, LLC

Revolver

06/28/2029

3,832

—

Diligent Corporation

Delayed Draw Term Loan

04/30/2026

10,706

—

Diligent Corporation

Revolver

08/02/2030

7,137

—

Drivecentric Holdings, LLC

Revolver

08/15/2031

4,059

(3)

Dwyer Instruments, Inc.

Delayed Draw Term Loan

11/20/2026

2,020

(10)

Dwyer Instruments, Inc.

Revolver

07/20/2029

5,478

—

E-Discovery AcquireCo, LLC

Revolver

08/29/2029

4,354

(17)

EVDR Purchaser, Inc.

Delayed Draw Term Loan

08/14/2025

11,946

—

EVDR Purchaser, Inc.

Revolver

02/14/2031

5,973

—

Eclipse Buyer, Inc.

Delayed Draw Term Loan

09/06/2026

1,417

—

Eclipse Buyer, Inc.

Revolver

09/06/2031

719

—

Encore Holdings, LLC

Delayed Draw Term Loan

10/31/2026

303

(2)

Encore Holdings, LLC

Delayed Draw Term Loan

12/20/2026

4,872

(12)

Encore Holdings, LLC

Revolver

11/23/2027

2,695

(10)

Energy Labs Holdings Corp.

Delayed Draw Term Loan

05/24/2026

1,981

(18)

Energy Labs Holdings Corp.

Revolver

04/07/2028

1,918

(23)

Essential Services Holding Corporation

Delayed Draw Term Loan

06/17/2026

5,154

—

Essential Services Holding Corporation

Revolver

06/17/2030

3,222

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Everbridge Holdings, LLC

Delayed Draw Term Loan

07/02/2026

11,101

—

Everbridge Holdings, LLC

Revolver

07/02/2031

7,303

—

Excelitas Technologies Corp.

Delayed Draw Term Loan

05/01/2025

1,032

(11)

Excelitas Technologies Corp.

Delayed Draw Term Loan

05/01/2026

12,000

(112)

Excelitas Technologies Corp.

Revolver

08/14/2028

3,095

(32)

FLS Holding, Inc.

Revolver

12/17/2027

1,138

(121)

FMG Suite Holdings, LLC

Revolver

10/30/2026

994

(8)

FORTIS Solutions Group, LLC

Delayed Draw Term Loan

06/24/2025

9,627

—

FORTIS Solutions Group, LLC

Revolver

10/15/2027

1,169

—

FPG Intermediate Holdco, LLC

Delayed Draw Term Loan

12/31/2025

112

—

Formstack Acquisition Co

Delayed Draw Term Loan

03/30/2026

17,485

(110)

Formstack Acquisition Co

Revolver

03/28/2030

10,519

(66)

Foundation Risk Partners Corp.

Revolver

10/29/2029

4,283

—

Fullsteam Operations, LLC

Delayed Draw Term Loan

08/25/2025

16,967

—

Fullsteam Operations, LLC

Delayed Draw Term Loan

02/23/2026

3,352

—

Fullsteam Operations, LLC

Delayed Draw Term Loan

05/01/2026

10,125

—

Fullsteam Operations, LLC

Delayed Draw Term Loan

06/30/2026

1,125

—

Fullsteam Operations, LLC

Revolver

11/27/2029

1,118

—

GC Waves Holdings, Inc.

Delayed Draw Term Loan

10/04/2026

17,742

(135)

GC Waves Holdings, Inc.

Revolver

10/04/2030

1,723

(13)

GI DI Cornfield Acquisition, LLC

Delayed Draw Term Loan

05/31/2026

16,333

(158)

GPS Merger Sub, LLC

Delayed Draw Term Loan

10/02/2026

3,668

—

GPS Merger Sub, LLC

Revolver

10/02/2029

2,934

—

GS AcquisitionCo, Inc.

Delayed Draw Term Loan

03/26/2026

3,028

—

GS AcquisitionCo, Inc.

Revolver

05/25/2028

5,318

—

Galway Borrower, LLC

Delayed Draw Term Loan

02/06/2026

4,235

—

Galway Borrower, LLC

Revolver

09/29/2028

3,265

—

Gateway US Holdings, Inc.

Delayed Draw Term Loan

11/14/2026

1,300

(13)

Gateway US Holdings, Inc.

Revolver

09/22/2028

484

—

Granicus, Inc.

Delayed Draw Term Loan

01/17/2026

1,383

(2)

Granicus, Inc.

Revolver

01/17/2031

8,771

—

GraphPad Software, LLC

Delayed Draw Term Loan

06/28/2026

10,055

—

GraphPad Software, LLC

Revolver

06/30/2031

4,190

—

Ground Penetrating Radar Systems, LLC

Delayed Draw Term Loan

04/02/2027

5,302

—

Ground Penetrating Radar Systems, LLC

Revolver

04/02/2031

1,563

—

HSI Halo Acquisition, Inc.

Delayed Draw Term Loan

06/28/2026

3,759

—

HSI Halo Acquisition, Inc.

Revolver

06/28/2030

3,031

—

Heartland Veterinary Partners, LLC

Revolver

12/10/2026

1,298

—

Helios Service Partners, LLC

Delayed Draw Term Loan

02/10/2025

10,016

(70)

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Helios Service Partners, LLC

Revolver

03/19/2027

4,053

(1)

Hercules Borrower, LLC

Delayed Draw Term Loan

04/05/2026

29,963

(96)

Hercules Borrower, LLC

Delayed Draw Term Loan

04/17/2025

2,176

(670)

Higginbotham Insurance Agency, Inc.

Delayed Draw Term Loan

03/27/2026

16,321

(70)

High Street Buyer, Inc.

Delayed Draw Term Loan

02/04/2025

802

—

High Street Buyer, Inc.

Delayed Draw Term Loan

03/11/2026

21,972

(73)

High Street Buyer, Inc.

Revolver

04/16/2027

915

—

Hootsuite, Inc.

Revolver

05/22/2030

2,100

(18)

Hyland Software, Inc.

Revolver

09/19/2029

3,699

—

IG Investment Holdings, LLC

Revolver

09/22/2028

3,736

(36)

Icefall Parent, Inc.

Revolver

01/25/2030

2,471

(39)

Imagine 360, LLC

Delayed Draw Term Loan

09/20/2026

1,884

—

Imagine 360, LLC

Revolver

10/02/2028

1,166

—

Inszone Mid, LLC

Delayed Draw Term Loan

11/10/2025

3,386

—

Inszone Mid, LLC

Delayed Draw Term Loan

07/24/2026

10,025

—

Inszone Mid, LLC

Revolver

11/12/2029

3,308

—

Integrity Marketing Acquisition, LLC

Revolver

08/25/2028

1,097

—

Invictus Buyer, LLC

Delayed Draw Term Loan

06/03/2026

2,531

(7)

Invictus Buyer, LLC

Revolver

06/03/2031

938

(3)

Iris Buyer, LLC

Delayed Draw Term Loan

04/02/2025

980

—

Iris Buyer, LLC

Revolver

10/02/2029

2,883

—

Jonathan Acquisition Company

Revolver

12/22/2025

1,579

—

KENG Acquisition, Inc.

Delayed Draw Term Loan

08/01/2025

4,659

(23)

KENG Acquisition, Inc.

Delayed Draw Term Loan

07/17/2026

1,912

(9)

KENG Acquisition, Inc.

Revolver

08/01/2029

3,040

(15)

Kaseya, Inc.

Delayed Draw Term Loan

06/23/2025

2,339

—

Kaseya, Inc.

Revolver

06/25/2029

2,358

—

LJ Avalon Holdings, LLC

Delayed Draw Term Loan

10/01/2025

1,890

—

LJ Avalon Holdings, LLC

Revolver

02/01/2029

486

—

LeadVenture, Inc.

Delayed Draw Term Loan

08/28/2026

2,196

(8)

LegitScript, LLC

Revolver

06/24/2028

3,984

—

Lightspeed Buyer, Inc.

Delayed Draw Term Loan

06/01/2025

1,041

—

Lightspeed Buyer, Inc.

Revolver

02/03/2027

279

—

LogRhythm, Inc.

Revolver

07/02/2029

682

(12)

MAI Capital Management Intermediate, LLC

Delayed Draw Term Loan

08/29/2026

1,869

—

MAI Capital Management Intermediate, LLC

Revolver

08/29/2031

894

—

MHE Intermediate Holdings, LLC

Revolver

07/21/2027

857

—

MRI Software, LLC

Delayed Draw Term Loan

09/04/2026

6,786

(3)

MRI Software, LLC

Revolver

02/10/2027

5,176

(4)

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Magneto Components Buyco, LLC

Delayed Draw Term Loan

06/05/2025

9,516

(65)

Magneto Components Buyco, LLC

Revolver

12/05/2029

7,930

(54)

Magnolia Wash Holdings

Revolver

07/14/2028

215

(20)

Mantech International CP

Delayed Draw Term Loan

06/14/2025

5,023

—

Mantech International CP

Revolver

09/14/2028

4,800

—

Mobile Communications America, Inc.

Delayed Draw Term Loan

10/16/2025

3,560

—

Mobile Communications America, Inc.

Revolver

10/16/2029

1,651

—

Model N, Inc.

Delayed Draw Term Loan

06/26/2026

5,429

—

Model N, Inc.

Revolver

06/27/2031

2,896

—

Montana Buyer, Inc.

Revolver

07/22/2028

3,074

—

NSi Holdings, Inc.

Delayed Draw Term Loan

11/15/2026

4,079

(19)

NSi Holdings, Inc.

Revolver

11/15/2031

4,079

(40)

Nasuni Corporation

Revolver

09/10/2030

4,490

—

Netwrix Corporation And Concept Searching, Inc.

Revolver

06/11/2029

1,579

(10)

Oak Purchaser, Inc.

Delayed Draw Term Loan

02/01/2025

3,903

(34)

Oak Purchaser, Inc.

Revolver

04/28/2028

1,241

(11)

Optimizely North America, Inc.

Revolver

10/30/2031

2,665

(26)

Orion Group Holdco, LLC

Delayed Draw Term Loan

04/29/2026

2,286

(16)

PDFTron Systems, Inc.

Revolver

07/15/2026

2,200

(3)

PDI TA Holdings, Inc.

Delayed Draw Term Loan

02/01/2026

3,789

(20)

PDI TA Holdings, Inc.

Revolver

02/03/2031

3,754

(20)

PMA Parent Holdings, LLC

Revolver

01/31/2031

240

(3)

PT Intermediate Holdings III, LLC

Delayed Draw Term Loan

04/08/2026

4,240

—

Pareto Health Intermediate Holdings, Inc.

Revolver

06/01/2029

10,788

—

Patriot Growth Insurance Services, LLC

Revolver

10/16/2028

234

—

Peter C. Foy & Associates Insurance Services, LLC

Delayed Draw Term Loan

04/23/2026

746

(3)

Peter C. Foy & Associates Insurance Services, LLC

Revolver

11/01/2027

532

—

Pound Bidco, Inc.

Delayed Draw Term Loan

04/24/2027

275

(1)

Pound Bidco, Inc.

Delayed Draw Term Loan

02/01/2027

—

Pound Bidco, Inc.

Revolver

02/01/2027

388

(1)

Procure Acquireco, Inc. (Procure Analytics)

Delayed Draw Term Loan

10/31/2026

1,005

(5)

Procure Acquireco, Inc. (Procure Analytics)

Revolver

12/20/2028

952

—

Project Accelerate Parent, LLC

Revolver

02/24/2031

4,813

—

Project Boost Purchaser, LLC

Revolver

05/02/2028

586

—

Project Potter Buyer, LLC

Revolver

04/23/2026

885

—

Pye-Barker Fire & Safety, LLC

Delayed Draw Term Loan

05/24/2026

4,670

—

Pye-Barker Fire & Safety, LLC

Revolver

05/24/2030

2,197

—

RFS Opco, LLC

Revolver

04/04/2029

21,320

(83)

Randy's Holdings, Inc.

Delayed Draw Term Loan

11/01/2025

3,332

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated

Commitment Type

Commitment Expiration Date

Unfunded Commitment

Fair Value

Randy's Holdings, Inc.

Revolver

11/01/2029

1,217

—

Raptor Merger Sub Debt, LLC

Revolver

04/01/2029

2,791

(9)

Raven Acquisition Holdings, LLC

Delayed Draw Term Loan

11/19/2026

333

Redwood Services Group, LLC

Delayed Draw Term Loan

02/05/2026

627

(4)

Revalize, Inc.

Revolver

04/15/2027

215

(15)

Ridge Trail US Bidco, Inc.

Delayed Draw Term Loan

03/30/2027

16,890

(46)

Ridge Trail US Bidco, Inc.

Revolver

03/31/2031

4,110

(11)

Riskonnect Parent, LLC

Delayed Draw Term Loan

03/01/2026

5,249

(40)

Riskonnect Parent, LLC

Revolver

12/07/2028

4,463

(34)

RoadOne IntermodaLogistics

Revolver

12/29/2028

197

(4)

Routeware, Inc.

Delayed Draw Term Loan

09/18/2026

2,216

—

Routeware, Inc.

Revolver

09/18/2031

511

—

Runway Bidco, LLC

Delayed Draw Term Loan

12/17/2026

4,486

(22)

Runway Bidco, LLC

Revolver

12/17/2031

2,243

(22)

SV Newco 2, Inc.

Delayed Draw Term Loan

05/31/2026

22,051

(174)

SV Newco 2, Inc.

Revolver

06/02/2031

13,231

(105)

Securonix, Inc.

Revolver

04/05/2028

5,281

(467)

Sherlock Buyer Corp.

Revolver

12/08/2027

2,978

—

Smarsh, Inc.

Delayed Draw Term Loan

02/18/2025

1,071

—

Smarsh, Inc.

Revolver

02/16/2029

321

—

Sonny's Enterprises, LLC

Delayed Draw Term Loan

06/05/2026

3,067

(98)

Sonny's Enterprises, LLC

Revolver

08/05/2027

4,173

(134)

Spark Buyer, LLC

Delayed Draw Term Loan

10/15/2026

2,125

(15)

Spark Buyer, LLC

Revolver

10/15/2031

1,063

(15)

Spectrum Automotive Holdings Corp.

Delayed Draw Term Loan

03/24/2026

439

(2)

Spectrum Automotive Holdings Corp.

Revolver

06/29/2027

378

(2)

Stepping Stones Healthcare Services, LLC

Delayed Draw Term Loan

04/25/2026

2,250

(5)

Stepping Stones Healthcare Services, LLC

Revolver

12/30/2026

1,250

—

Superman Holdings, LLC

Delayed Draw Term Loan

08/28/2026

8,299

—

Superman Holdings, LLC

Revolver

08/29/2031

3,675

—

Surewerx Purchaser III, Inc.

Delayed Draw Term Loan

12/28/2025

845

—

Surewerx Purchaser III, Inc.

Revolver

12/28/2028

305

—

Suveto

Revolver

09/09/2027

528

(5)

Suveto Buyer, LLC

Delayed Draw Term Loan

11/15/2026

720

(3)

Sweep Purchaser, LLC

Revolver

06/30/2027

469

—

Tamarack Intermediate, LLC

Revolver

03/13/2028

3,375

—

Tank Holding Corp.

Delayed Draw Term Loan

11/22/2025

904

(4)

Tank Holding Corp.

Revolver

03/31/2028

1,867

(37)

Thrive Buyer, Inc. (Thrive Networks)

Revolver

01/22/2027

227

—

Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)


Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Tidi Legacy Products, Inc.	Delayed Draw Term Loan	06/19/2025	$	2,961	$	(5)
Tidi Legacy Products, Inc.	Revolver	12/19/2029	2,132		(4)
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2026	4,318		—
Transit Technologies, LLC	Revolver	08/20/2030	2,591		—
Trintech, Inc.	Revolver	07/25/2029	4,336		(63)
Triple Lift, Inc.	Revolver	05/05/2028	1,714		(73)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026	2,193		(11)
Trunk Acquisition, Inc.	Revolver	02/19/2026	1,071		(6)
Two Six Labs, LLC	Delayed Draw Term Loan	10/09/2025	5,000		(14)
Two Six Labs, LLC	Revolver	08/20/2027	915		(2)
UHY Advisors, Inc.	Delayed Draw Term Loan	11/22/2026	7,727		(38)
UHY Advisors, Inc.	Revolver	11/21/2031	2,045		(20)
UpStack, Inc.	Delayed Draw Term Loan	08/23/2026	2,125		—
UpStack, Inc.	Revolver	08/25/2031	722		—
V Global Holdings, LLC	Revolver	12/22/2025	927		(46)
VRC Companies, LLC	Revolver	06/29/2027	959		—
Vardiman Black Holdings, LLC	Delayed Draw Term Loan	03/29/2026	222		—
Vehlo Purchaser, LLC	Delayed Draw Term Loan	10/05/2025	41,821		(263)
Vehlo Purchaser, LLC	Revolver	05/24/2028	411		(3)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	09/27/2026	5,588		—
Verdantas, LLC	Delayed Draw Term Loan	11/08/2026	3,334		(24)
Verdantas, LLC	Revolver	05/06/2030	3,538		(36)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/01/2026	1,229		(6)
Vertex Service Partners, LLC	Revolver	11/08/2030	293		—
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	07/24/2026	8,333		—
Vessco Midco Holdings, LLC	Revolver	07/24/2031	3,771		—
Victors Purchaser, LLC	Delayed Draw Term Loan	08/15/2026	2,685		—
Victors Purchaser, LLC	Revolver	08/15/2031	1,305		—
World Insurance Associates, LLC	Revolver	04/03/2028	970		(21)
YI, LLC	Delayed Draw Term Loan	06/01/2025	3,727		—
YI, LLC	Revolver	12/03/2029	2,795		—
Zarya Intermediate, LLC	Revolver	07/01/2027	3,789		(4)
iCIMS, Inc.	Revolver	08/18/2028	491		—
Total First Lien Debt Unfunded Commitments			$	1,035,399	$	(6,633)
Total Unfunded Commitments			$	1,035,399	$	(6,633)

Table of Contents

North Haven Private Income Fund LLC

Notes to the Consolidated Financial Statements

March 31, 2025

(In thousands, except unit and per unit amounts)

(1) ORGANIZATION

North Haven Private Income Fund LLC (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for US federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of, or consolidated with, Morgan Stanley.

The Company was formed as a Delaware limited liability company on March 4, 2021 and commenced investment operations on February 1, 2022. The Company is externally managed by MS Capital Partners Adviser Inc., an indirect wholly owned subsidiary of Morgan Stanley (the “Adviser” or “Investment Adviser”).

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

The Company is conducting a continuous private offering of its units in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Company has offered and currently intends to offer one class of units, Class S Units (the “Units”) in its continuous private offering.

On July 15, 2024, the Company acquired SL Investment Corp. (“SLIC”) pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of May 28, 2024, by and among SLIC, the Company, Cobalt Merger Sub, Inc. (“Merger Sub”), a wholly-owned subsidiary of the Company, and the Adviser. Pursuant to the Merger Agreement, SLIC was merged with and into the Company in a two-step transaction with the Company as the surviving company (the “SLIC Acquisition”). See Note 11 “SLIC Acquisition.”

(2)SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company's functional currency is U.S. Dollars (“USD”) and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to Regulation S-X. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2025.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

Table of Contents

The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of March 31, 2025, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: PIF CA SPV LLC (“CA SPV”), NHPIF Equity Holdings SPV LLC (“Equity Holdings”), PIF Financing SPV LLC (“Financing SPV”), PIF Financing II SPV LLC (“Financing II SPV”), Broadway Funding Holdings LLC (“Broadway Holdings”), SLIC Financing SPV LLC (“SLIC Financing SPV”), SLIC CA SPV LLC (“SLIC CA”) and SLIC Equity Holdings LLC (“SLIC Equity Holdings,” and collectively with CA SPV, Equity Holdings, Financing SPV, Financing II SPV, Broadway Holdings, SLIC Financing SPV and SLIC CA the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less, and restricted cash pledged as collateral. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Foreign Currency Translation

Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Financial Condition consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company’s Board of Directors (the “Board of Directors” or the “Board”), with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 “Fair Value Measurements” for the Company's framework for determining fair value, fair value hierarchies, and the composition of the Company's portfolio.

Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an

Table of Contents

agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to unitholders in the form of distributions in order for the Company to continue to qualify as a RIC, even though the Company has not yet collected cash.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Dividend income is presented net of withholding tax, if any.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Investments

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual investments are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

As of both March 31, 2025 and December 31, 2024, the Company had certain investments in two portfolio companies that were on non-accrual status. The amortized cost of investments on non-accrual status as of March 31, 2025 and December 31, 2024 was $12,038 and $29,237, respectively.

Deferred Financing Costs and Debt Issuance Costs

The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving credit facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Financial Condition. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses.

The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt

Table of Contents

Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Financial Condition.

Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as distributions.

In order to continue to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three months ended March 31, 2025 and December 31, 2024 the Company accrued $—, and $15 of U.S. federal excise tax, respectively.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation, primarily from directly originated senior secured term loans. The Company’s chief operating decision maker (the “CODM”) includes the Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in net assets resulting from operations to assess the performance and makes operating decisions of the Company. The evaluation of this metric is used in determining the Company’s distribution policy, portfolio construction and deployment, and strategic initiatives. Segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

(3)RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On November 4, 2021, the Company entered into an investment advisory agreement with our Adviser (the “Investment Advisory Agreement”). The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company’s unitholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The renewal of the Investment Advisory Agreement was most recently approved in August 2024.

The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are ultimately be borne by the unitholders.

Base Management Fee

Table of Contents

The base management fee is calculated at an annual rate of 1.25% of the Company’s average net asset value at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any subsequent month prior to the termination of the Investment Advisory Agreement, and any such recoupment would be subject to any applicable expense waiver. Base management fees for any partial month are prorated based on the number of days in the month. The base management fee is payable quarterly in arrears, any base management fees waived are not subject to recoupment by the Adviser.

For the three months ended March 31, 2025 and 2024, base management fees were $6,535, and $7,897, net of waiver, respectively. As of March 31, 2025 and December 31, 2024, $6,535 and $7,337, respectively, was payable to the Investment Adviser relating to base management fees.

Incentive Fee

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains.

i. Incentive Fee based on Income

Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee and any servicing fees and/or distribution fees paid to broker dealers. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.

Pursuant to the Investment Advisory Agreement, the Company pays the Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:

•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);

•100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.4286% in any quarter (5.7143% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.4286%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 12.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter; and

•12.5% of the pre-incentive fee net investment income, if any, that exceeds 1.4286% in any calendar quarter (5.7143% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all the Company’s pre-incentive fee net investment income is paid to the Investment Adviser.

For the three months ended March 31, 2025 and 2024, income-based incentive fees were $7,611, and $8,811, net of waiver, respectively. As of March 31, 2025 and December 31, 2024, $7,611 and $8,399, respectively, was payable to the Investment Adviser relating to income-based incentive fees.

ii. Incentive Fee based on Capital Gains

The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”).

Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.

For the three months ended March 31, 2025, and 2024, there were no capital gains incentive fees accrued to the Investment Adviser.

The Investment Advisory Agreement does not include unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser

Table of Contents

until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.

Administration Agreement

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to the administration agreement between the Company and the Administrator dated November 4, 2021 (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently re-approved in August 2024.

For the three months ended March 31, 2025 and 2024, the Company incurred $4 and $32, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. Amounts unpaid and included in the payable to affiliates on the Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024 were $47 and $88, respectively.

Placement Agent Agreements

On November 9, 2021, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Morgan Stanley Distribution Inc. (the “Paying Agent”), Morgan Stanley Smith Barney LLC (the “Placement Agent”) and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates assist in the placement of Units in the Company’s private offering. The Company is not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement, which payments are made by the Investment Adviser and, to the extent the Paying Agent receives any payments, the Paying Agent.

On November 9, 2021, the Company entered into a placement agency agreement (the “MSDI Agreement”) with Morgan Stanley Distribution Inc. (“MSDI”). Under the terms of the MSDI Agreement, MSDI assists in the placement of Units in the Company’s private offering. The Company pays servicing fees to MSDI calculated based on the net asset values of each eligible class of units and calculated in arrears.

For the three months ended March 31, 2025 and 2024, the Company incurred $7,163, and $5,370 expenses, respectively, under the MSDI Agreement, which were recorded in servicing fees on the Consolidated Statements of Operations. Amounts unpaid and included in the accrued expenses and other liabilities on the Consolidated Statements of Financial Condition as of March 31, 2025 and December 31, 2024 were $5,470 and $5,211, respectively.

Expense Support and Conditional Reimbursement Agreement

On November 30, 2021, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Investment Adviser, which was subsequently amended on March 15, 2022 (as amended, the “Expense Support Agreement”). The Investment Adviser may elect to pay the Company’s expenses on its behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any of the Company’s interest expense and/or unitholder servicing fees. The Expense Support Agreement may require the Company to repay the Investment Adviser for previously waived reimbursement of expense payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver.

For the three months ended March 31, 2025, the Company did not incur any organization costs, offering costs or expense support. For the three months ended March 31, 2025, the Investment Adviser recaptured $0 of previously waived amounts from the Company. As of March 31, 2025, the Company had reimbursed the Investment Adviser all organization and offering costs incurred and there were no organization and offering costs payable on the Consolidated Statements of Assets and Liabilities.

Indemnification Agreements

The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act, and are generally consistent with the indemnification provisions of the Company’s certificate of incorporation and bylaws. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act.

MS Credit Partners Holdings, Inc. Investment

Table of Contents

MS Credit Partners Holdings, Inc. (“MS Credit Partners Holdings”), a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements and has made an aggregate capital contribution of $25,000, in exchange for 1,256,051 Units. MS Credit Partners Holdings, has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

Morgan Stanley & Co. Related Transactions

Morgan Stanley & Co. LLC, an indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, served as a co-agent in connection with the private placement of the Company’s Series A Notes (as defined below in Note 6) and the Company’s Series B Notes (as defined below in Note 6) pursuant to note purchase agreements dated March 16, 2023 and August 10, 2023, respectively, and received fees of $175 and $118 at closing, respectively. These fees are deferred and amortized over the life of the related term obligation using the straight-line method. Any unamortized amounts are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Financial Condition.

(4) INVESTMENTS

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled/ non-affiliated, non-controlled/affiliated or controlled/affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The composition of the Company’s investment portfolio was as follows:


	March 31, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	6,258,608	$	6,213,152	98.4	%	$	6,022,749	$	5,997,696	98.6	%
Second Lien Debt	30,134		29,847		0.5		16,613		16,771		0.3
Other Debt Investments	11,089		10,828		0.2		6,453		6,520		0.1
Equity	56,897		55,852		0.9		57,745		58,032		1.0
Total	$	6,356,728	$	6,309,679	100.0	%	$	6,103,560	$	6,079,019	100.0	%

The industry composition of investments at fair value was as follows:


	March 31, 2025		December 31, 2024 (1)
Aerospace & Defense	1.4	%	1.5	%
Air Freight & Logistics	0.9		0.9
Automobile Components	1.6		1.6
Automobiles	2.1		2.1
Beverages	0.2		—
Biotechnology	0.6		0.6

Building Products	0.3		0.3
Capital Markets	0.1		—
Chemicals	1.2		1.3
Commercial Services & Supplies	8.0		8.5
Construction & Engineering	2.1		2.0


Consumer Staples Distribution & Retail	0.7		0.7
Containers & Packaging	1.2		1.1
Distributors	2.4		2.8
Diversified Consumer Services	5.6		5.7
Electric Utilities	0.1		0.1
Electrical Equipment	0.1		0.1
Electronic Equipment, Instruments & Components	3.3		3.4
Entertainment (2)	—		0.1

Table of Contents


Financial Services	3.4		3.1
Food Products	0.1		0.1
Ground Transportation	0.8		0.6
Health Care Equipment & Supplies	1.1		1.2
Health Care Providers & Services	6.1		6.5
Health Care Technology	1.9		2.0


Household Durables	0.1		0.1
Independent Power and Renewable Electricity Producers	0.1		—
Industrial Conglomerates	2.5		2.5
Insurance Services	11.0		11.0
Interactive Media & Services	0.7		0.7

IT Services	5.1		5.0
Leisure Products	0.1		0.1
Life Sciences Tools & Services	0.5		0.7
Machinery	2.0		1.7
Media	0.2		0.1

Multi-Utilities	1.5		1.5


Pharmaceuticals	0.7		0.7
Professional Services	5.6		5.6
Real Estate Management & Development	2.4		2.2
Software	21.3		21.0
Specialty Retail	0.1		0.1
Textiles, Apparel & Luxury Goods	0.2		0.1
Trading Companies & Distributors	0.1		0.1
Transportation Infrastructure	0.2		0.2

Wireless Telecommunication Services	0.3		0.3
Total	100.0	%	100.0	%

(1) The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2024 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the prior period’s Consolidated Statement of Financial Condition.

(2) Rounds to 0.

The geographic composition of investments at cost and fair value was as follows:


	March 31, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value

Australia	$	35,676	$	36,374	0.6	%	$	35,737	$	36,465	0.6	%
Canada	131,000		131,792		2.1		118,951		119,346		2.0
United Kingdom	45,996		45,342		0.7		46,293		45,550		0.7
United States	6,144,056		6,096,171		96.6		5,902,579		5,877,658		96.7
Total	$	6,356,728	$	6,309,679	100.0	%	$	6,103,560	$	6,079,019	100.0	%

(5) FAIR VALUE MEASUREMENTS

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurements is defined as follows:

Table of Contents

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, first and second lien debt, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

The valuation of investments which are illiquid or for which the pricing source, agent, service, and/or broker (as applicable) does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board, does not represent fair value, will each be valued as determined in good faith by the Valuation Designee, based on, among other things, the input of the Valuation Firms (as defined below). As part of the valuation process, the Valuation Designee, takes into account relevant factors and appropriate techniques in determining the fair value of the Company’s investments, with the assistance of the independent valuation firms ("Valuation Firms"). The valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and the discounted cash flow analyses. Non-controlled debt investments are generally fair valued using the discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

•With respect to each portfolio company or investment for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

•With respect to each portfolio company or investment for which market quotations are not readily available, the Valuation Designee will engage one or more Valuation Firms to provide a preliminary independent valuations of the investments to the Valuation Designee. The Valuation Firms independently value such investments using quantitative and qualitative information according to the valuation methodologies in the Investment Adviser’s valuation policy;

•The Valuation Designee reviews the recommended valuations and determines the fair value of each investment;

•The Valuation Designee provides to the valuation committee, which is comprised of members of the Investment Adviser’s senior management, its valuation recommendation along with valuation-related information for each portfolio company or investment;

•Each quarter, the Audit Committee reviews the valuation assessments provided by the Valuation Designee and provides the Board with a report of the results of such review; and

Table of Contents

•The Board and Audit Committee each oversee the Valuation Designee and the valuation process.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

The following tables present the fair value hierarchy of the investments as of:


	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	666,184	$	5,546,968	$	6,213,152	$	—	$	555,530	$	5,442,166	$	5,997,696
Second Lien Debt	—		14,480		15,367		29,847		—		14,659		2,112		16,771
Other Debt Investments	—		—		10,828		10,828		—		—		6,520		6,520
Equity	—		2,037		53,815		55,852		—		2,037		55,995		58,032
Total Investments	$	—	$	682,701	$	5,626,978	$	6,309,679	$	—	$	572,226	$	5,506,793	$	6,079,019
Cash equivalents	$	36,714	$	—	$	—	$	36,714	$	58,216	$	—	$	—	$	58,216

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025:


	First Lien Debt		Second Lien Debt		Other Debt		Equity		Total Investments
Fair value, beginning of period	$	5,442,166	$	2,112	$	6,520	$	55,995	$	5,506,793
Purchases of investments (1)	401,954		13,405		4,468		4,286		424,113
Proceeds from principal repayments and sales of investments (2)	(296,173)		—		—		(8,473)		(304,646)
Accretion of discount/amortization of premium	6,100		1		36		—		6,137
Payment-in-kind	6,479		18		133		220		6,850
Net change in unrealized appreciation (depreciation)	(8,649)		(169)		(329)		(1,332)		(10,479)
Net realized gains (losses)	(6,978)		—		—		3,119		(3,859)
Transfers into/out of Level 3 (3)	2,069		—		—		—		2,069
Fair value, end of period	$	5,546,968	$	15,367	$	10,828	$	53,815	$	5,626,978

Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	(7,276)	$	(169)	$	(329)	$	(1,226)	$	(9,000)

(1) Purchases may include investments received in corporate action and restructurings.

(2) Sales may include investments received in corporate action and restructurings.

(3) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2024:

Table of Contents


	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	2,710,858	$	21,708	$	35,836	$	2,768,402
Purchases of investments (1)	611,474		264		3,375		615,113
Proceeds from principal repayments and sales of investments (1)	(86,754)		(16,500)		—		(103,254)
Accretion of discount/amortization of premium	3,086		392		3		3,481
Payment-in-kind	2,214		—		1,064		3,278
Net change in unrealized appreciation (depreciation)	2,850		(5,109)		(863)		(3,122)
Net realized gains (losses)	(1,856)		—		—		(1,856)
Transfers into/out of Level 3 (2)	(9,135)		—		—		(9,135)
Fair value, end of period	$	3,232,737	$	755	$	39,415	$	3,272,907

Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	2,499	$	(5,732)	$	(863)	$	(4,096)

(1) Includes transactions relating to restructurings.

(2) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2025 and December 31, 2024 , respectively. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.


	March 31, 2025
	Fair Value		Valuation Technique (2)	Significant Unobservable Input	Range (1)				Weighted Average (3)
					Low		High
Investments in first lien debt	$	5,545,494	Yield Analysis	Discount Rate	5.85	%	48.46	%	9.88	%
	1,474		Market Approach	EBITDA Multiple	6.50x		8.25x		6.72x
Investments in second lien debt	1,962		Yield Analysis	Discount Rate	10.54	%	13.35	%	12.13	%
	13,405		Market Approach	EBITDA Multiple					8.25x

Other debt	6,325		Yield Analysis	Discount Rate	14.20	%	16.50	%	15.33	%
	4,503		Market Approach	EBITDA Multiple	8.25x		9.00x		8.26x
Preferred equity	27,983		Income Approach	Discount Rate	11.85	%	15.83	%	13.89	%
	14,362		Market Approach	EBITDA Multiple	8.25x		15.75x		13.64x
Common equity	5,018		Market Approach	Revenue Multiple	12.70x		22.50x		15.34x
	6,452		Market Approach	EBITDA Multiple	3.90x		18.60x		11.97x

Total Investments	$	5,626,978

(1) For an asset category that contains a single investment, the range is not included.

(2) During the three months ended March 31, 2025, two preferred equity position with a combined fair value of $9.81 million transitioned from an income approach to a market approach valuation technique.

(3) Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

Table of Contents


	December 31, 2024
	Fair Value		Valuation Technique (2)	Significant Unobservable Input	Range (1)				Weighted Average (3)
					Low		High
Investments in first lien debt	$	5,439,606	Yield Analysis	Discount Rate	7.92	%	34.06	%	10.10	%
	2,560		Market Approach	EBITDA Multiple					6.50x
Investments in second lien debt	2,112		Yield Analysis	Discount Rate	10.18	%	12.70	%	11.63	%

Other debt	6,225		Yield Analysis	Discount Rate	9.42	%	14.90	%	12.13	%
	295		Market Approach	EBITDA Multiple					9.00x
Preferred equity	42,434		Income Approach	Discount Rate	12.19	%	17.50	%	15.13	%
	2,462		Market Approach	EBITDA Multiple					8.50x
Common equity	5,043		Market Approach	Revenue Multiple	7.60x		12.70x		11.27x
	6,056		Market Approach	EBITDA Multiple	3.90x		18.70x		13.77x
Total Investments	$	5,506,793

(1) For an asset category that contains a single investment, the range is not included.

(2) During the year ended December 31, 2024, one unsecured debt position with a fair value of $3.07 million transitioned from an income approach to a yield analysis valuation technique.

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt is presented at carrying value on the Consolidated Statements of Financial Condition. The fair value of the Company’s credit facilities and unsecured notes are estimated in accordance with the Company’s valuation policy. The carrying value and fair value of the Company’s debt were as follows:


		March 31, 2025				December 31, 2024
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
ING Facility	3	$	175,981	$	175,981	$	313,352	$	313,352
Wells Funding Facility	3	381,250		381,250		381,250		381,250
CBNA Funding Facility	3	150,000		150,000		93,750		93,750
JPM Funding Facility	3	720,079		720,079		614,073		614,073
Series A 2026 Notes(1)(6)	3	203,294		203,095		203,112		202,899
Series A 2028 Notes(1)(6)	3	145,064		144,983		144,986		143,487
Series B 2026 Notes(2)(6)	3	106,445		106,444		106,345		106,170
Series B 2028 Notes(2)(6)	3	127,017		127,082		126,945		125,503
Series C 2027 Notes(3)(6)	3	135,627		137,902		135,515		137,188
Series C 2029 Notes(3)(6)	3	162,177		166,438		162,094		164,336
Series D 2027 Notes(4)(6)	3	99,102		99,813		99,007		99,146
Series D 2029 Notes(4)(6)	3	198,003		198,914		197,890		196,159
2030 Notes(5)	3	293,975		293,975		293,686		293,686
Total		$	2,898,014	$	2,905,956	$	2,872,005	$	2,870,999

(1) The carrying value of the Company’s Series A 2026 Notes and Series A 2028 Notes (each as defined below) were presented net of unamortized debt issuance costs of $706 and $936, respectively, as of March 31, 2025 and $888 and $1,014, respectively, as of December 31, 2024.

(2) The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes (each as defined below) were presented net of unamortized debt issuance costs of $555 and $983, respectively, as of December 31, 2024 and $655 and $1,055, respectively, as of December 31, 2024.

Table of Contents

(3) The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes (each as defined below) were presented net of unamortized debt issuance costs of $873 and $1,323, respectively, as of December 31, 2024 and $985 and $1,406, respectively, as of December 31, 2024.

(4) The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes (each as defined below) were presented net of unamortized debt issuance costs of $898 and $1,997, respectively, as of March 31, 2025 and $993 and $2,110, respectively, as of December 31, 2024.

(5) The carrying value of the Company’s 2030 Notes (each as defined below) were presented net of unamortized debt issuance cost of $3,558, respectively, as of March 31, 2025 and $3,721, as of December 31, 2024.

(6) Inclusive of change in fair market value of effective hedge.

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.

(6)DEBT

The Company’s outstanding debt obligations were as follows:


	March 31, 2025						December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
ING Facility(1)	$	1,350,000	$	175,981	$	1,173,406	$	1,350,000	$	313,352	$	1,036,036
Wells Funding Facility	900,000		381,250		518,750		900,000		381,250		518,750
CBNA Funding Facility	375,000		150,000		225,000		375,000		93,750		281,250
JPM Funding Facility	1,200,000		720,079		479,921		1,200,000		614,073		585,927
Series A 2026 Notes(2)	204,000		204,000		—		204,000		204,000		—
Series A 2028 Notes(2)	146,000		146,000		—		146,000		146,000		—
Series B 2026 Notes(3)	107,000		107,000		—		107,000		107,000		—
Series B 2028 Notes(3)	128,000		128,000		—		128,000		128,000		—
Series C 2027 Notes(4)	136,500		136,500		—		136,500		136,500		—
Series C 2029 Notes(4)	163,500		163,500		—		163,500		163,500		—
Series D 2027 Notes(5)	100,000		100,000		—		100,000		100,000		—
Series D 2029 Notes(5)	200,000		200,000		—		200,000		200,000		—
2030 Notes(6)	300,000		300,000		—		300,000		300,000		—
Total	$	5,310,000	$	2,912,310	$	2,397,077	$	5,310,000	$	2,887,425	$	2,421,963

(1) As of March 31, 2025 and December 31, 2024, letters of credit of $613 and $613, were outstanding, which reduced the unused availability under the ING Facility by the same amount. Under the ING Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 12,216 and 12,216. As of March 31, 2025 and December 31, 2024, the Company had borrowings denominated in Canadian dollars (CAD) of 2,800 and 2,800. As of March 31, 2025 and December 31, 2024, the Company had borrowings denominated in British Pound (GBP) of 2,200 and 2,200.

(2) The carrying value of the Company’s Series A 2026 Notes and Series A 2028 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $706 and $936, respectively, as of March 31, 2025 and $888 and $1,014, respectively, as of December 31, 2024.

(3) The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $555 and $983, respectively, as of March 31, 2025 and $655 and $1,055, respectively, as of December 31, 2024.

(4) The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $873 and $1,323, respectively, as of March 31, 2025 and $985 and $1,406, respectively, as of December 31, 2024.

(5) The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $898 and $1,997, respectively, as of March 31, 2025 and $993 and $2,110, respectively, as of December 31, 2024.

(6) The carrying value of the Company’s 2030 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $3,558, as of March 31, 2025 and $3,721, as of December 31, 2024.


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Combined weighted average interest rate (1)	7.25		%	8.93		%
Combined weighted average effective interest rate(2)	7.67		%	9.58		%
Combined weighted average debt outstanding	$	2,945,060		$	919,065

(1) Excludes unused commitment fees, amortization of financing costs, accretion of original issue discount and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.

(2) Excludes unused commitment fees and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.

Table of Contents

ING Facility

On February 1, 2022, the Company initially entered into a senior secured revolving credit agreement (as amended, restated, supplemented or otherwise modified from time to time, the “ING Facility”) with the Company, as borrower, ING, as administrative agent, Sumitomo Mitsui Banking Corporation, MUFG Union Bank, N.A., and Truist Securities, Inc. as joint lead arrangers, and the lenders from time to time party thereto. Pursuant to the ING Facility, the lenders have agreed to extend credit to the Company in an aggregate principal amount of up to $1,350,000, subject to availability under a borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the ING Facility may be increased to $2,025,000 through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The availability period of the ING Facility will terminate on July 15, 2028 and will mature on July 15, 2029.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the ING Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by The Wall Street Journal, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) one month SOFR plus 1% per annum) plus 0.875%, and (y) for loans for which the Company elects the SOFR option, the applicable SOFR rate for the related interest period for such borrowing plus 1.875% per annum. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the ING Facility.

The summary information of the ING Facility is as follows:


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	3,529		$	79
Facility unused commitment fees	1,054			872
Amortization of deferred financing costs	516			315
Total	$	5,099		$	1,266
Weighted average interest rate	6.24		%	5.37		%
Weighted average outstanding balance	$	226,295		$	5,818

Wells Funding Facility

On June 29, 2022, the Company initially entered into (i) a contribution agreement (the “Wells Contribution Agreement”) with Financing SPV, pursuant to which the Company contributed to Financing SPV certain loans it has originated or acquired, or will originate or acquire (the “Loans”) from time to time, (ii) a loan and servicing agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Loan and Servicing Agreement” and, together with the Wells Contribution Agreement, the “Wells Agreements”) with Financing SPV, as the borrower, Wells Fargo Bank, National Association (“Wells”), as the administrative agent and swingline lender, the Company, as the equityholder and as the servicer, and State Street Bank and Trust Company, as collateral agent and as collateral custodian, pursuant to which Wells has agreed to extend credit to Financing SPV in an aggregate principal amount up to $900,000 at any one time outstanding (the “Wells Funding Facility”) and (iii) various supporting documentation, including an account control agreement.

The obligations of Financing SPV under the Wells Funding Facility are secured by all of the assets held by Financing SPV, including the Loans contributed or transferred by the Company to Financing SPV. The Wells Funding Facility is a revolving funding facility with a reinvestment period ending July 12, 2027 and a final maturity date of July 12, 2029. Subject to certain conditions, the reinvestment period and final maturity are both subject to a one-year extension. Advances under the Wells Funding Facility are available in US dollars, pound sterling, Euros or Canadian dollars, or Australian dollars, and subject to certain exceptions, the interest charged on the Wells Funding Facility is based on Daily Simple SOFR (Dollar), SONIA (GBP), EURIBOR (Euros), CORRA (Canadian dollars), BBSY (Australian dollars) or as applicable (or, if any such reference rate is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 1.50%), as applicable), plus a margin equal to 2.25%. SONIA, EURIBOR, CORRA and BBSY are subject to a floor of zero. Under the Wells Agreements, the Company and Financing SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The Loan and Servicing Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing Wells, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the Wells Funding Facility.

Table of Contents

The summary information of the Wells Funding Facility is as follows:


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	6,280		$	188
Facility unused commitment fees	1,364			2,240
Amortization of deferred financing costs	515			368
Total	$	8,159		$	2,796
Weighted average interest rate	6.59		%	8.06		%
Weighted average outstanding balance	$	381,250		$	9,206

CBNA Funding Facility

On September 12, 2023, the Company entered into (i) a contribution agreement (the “CBNA Contribution Agreement”) with Financing II SPV, pursuant to which the Company will contribute to Financing II SPV certain loans it has originated or acquired, or will originate or acquire (the “Loans”) from time to time, (ii) a loan and security agreement (the “Loan and Security Agreement” and, together with the CBNA Contribution Agreement, the “CBNA Agreements”) with Financing II SPV, as the borrower, Citizens Bank, N.A. (“CBNA”), as the facility agent, the lenders party thereto (collectively, the “Lenders”), the Company, as the servicer, as the equityholder and as the transferor, and State Street Bank and Trust Company, as collateral agent, as account bank and as collateral custodian, pursuant to which the Lenders have agreed to extend credit to Financing II SPV in an aggregate principal amount of up to $375,000 at any one time outstanding (which aggregate amounts may be increased to a maximum of $750,000, subject to certain conditions set forth in the Loan and Security Agreement) (the “CBNA Funding Facility”) and (iii) various supporting documentation, including an account control agreement.

The obligations of Financing II SPV under the CBNA Funding Facility are secured by all of the assets held by Financing II SPV, including the Loans contributed or transferred by the Company to Financing II SPV. The CBNA Funding Facility is a revolving funding facility with a reinvestment period ending July 10, 2027 and a final maturity date of July 10, 2029. Advances under the CBNA Funding Facility are available in US dollars, and subject to certain exceptions, the interest charged on the CBNA Funding Facility is based on Term SOFR (or, if such reference rate is not available, a benchmark replacement or a “base rate” (which is the greatest of the Daily SOFR Rate, a prime rate, and the federal funds rate plus 0.50%), as applicable), plus a margin equal to (i) 2.25% during the reinvestment period or (ii) 2.90% after the reinvestment period. Term SOFR is subject to a floor of zero. Under the CBNA Agreements, the Company and Financing II SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The Loan and Security Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing CBNA, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the CBNA Funding Facility.

The summary information of the CBNA Funding Facility is as follows:


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	2,372		$	394
Facility unused commitment fees	288			503
Amortization of deferred financing costs	270			184
Total	$	2,930		$	1,081
Weighted average interest rate	6.57		%	8.18		%
Weighted average outstanding balance	$	144,375		$	19,041

JPM Funding Facility

On July 15, 2024, following the consummation of the SLIC Acquisition, the Company became party to and assumed SLIC’s obligations under the Amended and Restated Loan and Security Agreement, initially dated as of November 24, 2021 (as amended, the “JPM Facility”), among SLIC Financing SPV, the Company, as successor by merger to SLIC, as parent and servicer, U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary, JP Morgan Chase Bank, N.A., as administrative agent (“JPM”), the lenders party thereto, and the issuing banks party thereto. Pursuant to the JPM Facility, JPM has agreed to extend credit to SLIC Financing SPV in an aggregate principal amount, as of March 31, 2025, of up to $1,200,000 at any one time outstanding, subject to the satisfaction of various conditions, including availability under the borrowing base, which is based on a combination of unfunded capital commitments and loan collateral.

Table of Contents

The JPM Facility is a revolving funding facility with a reinvestment period ending July 15, 2027 (or upon the occurrence of certain events as specified therein) and a final maturity date of July 13, 2029. Advances under the JPM Funding Facility are available in U.S. dollars and other permitted currencies. As of December 31, 2024, the interest charged on the JPM Funding Facility is based on SOFR (or, if SOFR is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 0.50%), as applicable), Daily Simple RFR, EURIBOR, Adjusted Term CORRA, or the AUD Screen Rate, as applicable, plus a margin of 2.25%, as set forth in the JPM Facility. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the JPM Funding Facility.

The summary information of the JPM Funding Facility is as follows:


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	11,607		N/A
Facility unused commitment fees	922			N/A
Amortization of deferred financing costs	623			N/A
Total	$	13,152		N/A
Weighted average interest rate	6.56		%	N/A
Weighted average outstanding balance	$	708,139		N/A

The Series A 2026 Notes and the Series A 2028 Notes

On March 16, 2023, the Company entered into a Master Note Purchase Agreement (the “March 2023 NPA”) governing the issuance of (i) $204,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due March 16, 2026 (the “Series A 2026 Notes”) and (ii) $146,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due March 16, 2028 (the “Series A 2028 Notes” and, together with the Series A 2026 Notes, the “Series A Notes”) to certain qualified institutional investors in a private placement.

The Series A Notes were delivered and paid for on March 16, 2023, subject to certain customary closing conditions. The Series A 2026 Notes have a fixed interest rate of 8.10% per year and will mature on March 16, 2026 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2023 NPA. The Series A 2028 Notes have a fixed interest rate of 8.13% per year and will mature on March 16, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2023 NPA. Interest on the Series A Notes is due semiannually in March and September of each year. Subject to the terms of the March 2023 NPA, the Company may redeem the Series A 2026 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before December 16, 2025, a make-whole premium, and the Company may redeem the Series A 2028 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before December 16, 2027, a make-whole premium. The Company’s obligations under the March 2023 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the Series A Notes.

In connection with the Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series A 2026 Notes, the Company receives a fixed interest rate of 8.10% per annum and pays a floating interest rate of SOFR + 6.96% per annum on $204,000 notional amount of the Series A 2026 Notes. Under the interest rate swap agreement related to the Series A 2028 Notes, the Company receives a fixed interest rate of 8.13% per annum and pays a floating interest rate of SOFR + 4.88% per annum on $146,000 notional amount of the Series A 2028 Notes. The interest rate swaps related to the Series A 2026 Notes and Series A 2028 Notes mature on March 16, 2026 and March 16, 2028, respectively. The interest expense related to the Series A Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of March 31, 2025, the interest rate swaps had a fair value of $(943) and $(1,018), respectively, related to the Series A 2026 Notes and Series A 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps is offset by the change in fair value of the Series A 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated the interest rate swap on the Series A 2028 Notes as the hedging instrument in a qualifying hedge accounting relationship.

The change in fair value of the interest rate swap on the Series A 2026 Notes is included as a component of interest expense on the Consolidated Statements of Operations. The interest rate swap on the Series A 2026 Notes does not qualify for hedge accounting treatment.

The summary information of the Series A 2026 Notes is as follows:

Table of Contents


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	4,468		$	4,131
Amortization of debt issuance costs	182			184
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items	(30)			11
Total	$	4,620		$	4,326
Effective interest rate	8.76		%	8.10		%

The summary information of the Series A 2028 Notes is as follows:


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	3,205		$	2,967
Amortization of debt issuance costs	78			80
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items	(5)			13
Total	$	3,278		$	3,060
Effective interest rate	8.78		%	8.13		%

The Series B 2026 Notes and the Series B 2028 Notes

On August 10, 2023, the Company entered into a Master Note Purchase Agreement (the “August 2023 NPA”) governing the issuance of $107,000 in aggregate principal amount of Series B Senior Notes, Tranche A, due August 10, 2026 (the “Series B 2026 Notes”) and the issuance of $128,000 in aggregate principal amount of Series B Senior Notes, Tranche B, due August 10, 2028 (the “Series B 2028 Notes” and, together with the Series B 2026 Notes, collectively, the “Series B Notes”) to certain qualified institutional investors in a private placement. The Series B Notes were delivered and paid for on August 10, 2023, subject to certain customary closing conditions.

The Series B 2026 Notes have a fixed interest rate of 8.84% per year and the Series B 2028 Notes have a fixed interest rate of 8.88% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the August 2023 NPA) or a Secured Debt Ratio Event (as defined in the August 2023 NPA) occurs. The Series B 2026 Notes will mature on August 10, 2026 and the Series B 2028 Notes will mature on August 10, 2028, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the August 2023 NPA. Interest on the Series B Notes is due semiannually in March and September of each year, beginning in March 2024. In addition, the Company is obligated to offer to repay the Series B Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2023 NPA, the Company may redeem the Series B Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if the Series B 2026 Notes are redeemed on or before May 10, 2026 or the Series B 2028 Notes are redeemed on or before May 10, 2028, a make-whole premium. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the Series B Notes.

In connection with the Series B Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series B 2026 Notes, the Company receives a fixed interest rate of 8.84% per annum and pays a floating interest rate of SOFR + 6.12% per annum on $107,000 notional amount of the Series B 2026 Notes. Under the interest rate swap agreement related to the Series B 2028 Notes, the Company receives a fixed interest rate of 8.88% per annum and pays a floating interest rate of SOFR + 5.56% per annum on $128,000 notional amount of the Series B 2028 Notes. The interest rate swaps related to the Series B 2026 Notes and Series B 2028 Notes mature on August 10, 2026 and August 10, 2028, respectively. The interest expense related to the Series B Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of March 31, 2025, the interest rate swaps had a fair value of $(554) and $(928), respectively, related to the Series B 2026 Notes and Series B 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps is offset by the change in fair value of the Series B Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of the Series B 2026 Notes is as follows:

Table of Contents


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	2,525		$	2,365
Amortization of debt issuance costs	100			101
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items	(14)			6
Total	$	2,611		$	2,472
Effective interest rate	9.44		%	8.84		%

The summary information of the Series B 2028 Notes is as follows:


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	3,051		$	2,842
Amortization of debt issuance costs	72			72
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items	(3)			14
Total	$	3,120		$	2,928
Effective interest rate	9.53		%	8.88		%

The Series C 2027 Notes and the Series C 2029 Notes

On December 1, 2023, the Company entered into the First Supplement, dated as of December 1, 2023 (the “First Supplement”), to the August 2023 NPA (as supplemented by the First Supplement, the “December 2023 NPA”) governing the issuance of $136,500 in aggregate principal amount of Series C Senior Notes, Tranche A, due March 1, 2027 (the “Series C 2027 Notes”) and the issuance of $163,500 in aggregate principal amount of Series C Senior Notes, Tranche B, due March 1, 2029 (the “Series C 2029 Notes” and, together with the Series C 2027 Notes, collectively, the “Series C Notes”) to certain qualified institutional investors in a private placement. The Series C Notes were delivered and paid for on December 1, 2023, subject to certain customary closing conditions.

The Series C 2027 Notes have a fixed interest rate of 8.92% per year and the Series C 2029 Notes have a fixed interest rate of 9.07% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the December 2023 NPA) or a Secured Debt Ratio Event (as defined in the December 2023 NPA) occurs. The Series C 2027 Notes will mature on March 1, 2027 and the Series C 2029 Notes will mature on March 1, 2029, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the December 2023 NPA. Interest on the Series C Notes is due semiannually in March and September of each year, beginning in March 2024. In addition, the Company is obligated to offer to repay the Series C Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the December 2023 NPA, the Company may redeem the Series C Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if the Series C 2027 Notes are redeemed on or before December 1, 2026 or the Series C 2029 Notes are redeemed on or before December 1, 2028, a make-whole premium. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the Series C Notes.

In connection with the Series C Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series C 2027 Notes, the Company receives a fixed interest rate of 8.92% per annum and pays a floating interest rate of SOFR + 4.49% per annum on $136,500 notional amount of the Series C 2027 Notes. Under the interest rate swap agreement related to the Series C 2029 Notes, the Company receives a fixed interest rate of 9.07% per annum and pays a floating interest rate of SOFR + 4.77% per annum on $163,500 notional amount of the Series C 2029 Notes. The interest rate swaps related to the Series C 2027 Notes and Series C 2029 Notes mature on March 1, 2027 and March 1, 2029, respectively. The interest expense related to the Series C Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of March 31, 2025, the interest rate swaps had a fair value of $1,492 and $3,246, respectively, related to the Series C 2027 Notes and Series C 2029 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company's Consolidated Statements of Financial Condition. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the Series C Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of the Series C 2027 Notes is as follows:

Table of Contents


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	3,016		$	3,385
Amortization of debt issuance costs	112			115
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items	(36)			157
Total	$	3,092		$	3,657
Effective interest rate	8.84		%	9.92		%

The summary information of the Series C 2029 Notes is as follows:


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Borrowing interest expense	$	3,727		$	4,170
Amortization of debt issuance costs	83			85
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items	(205)			381
Total	$	3,605		$	4,636
Effective interest rate	9.12		%	10.20		%

The Series D 2027 Notes and the Series D 2029 Notes

On August 5, 2024, the Company entered into the Second Supplement, dated as of August 5, 2024 (the “Second Supplement”), to the Master Note Purchase Agreement dated as of August 10, 2023 (as supplemented by the First Supplement and the Second Supplement, the “Note Purchase Agreement”) governing the issuance of $100,000 in aggregate principal amount of Series D Senior Notes, Tranche A, due August 5, 2027 (the “Series D 2027 Notes”) and the issuance of $200,000 in aggregate principal amount of Series D Senior Notes, Tranche B, due August 5, 2029 (the “Series D 2029 Notes” and, together with the Series D 2027 Notes, collectively, the “Series D Notes”) to certain qualified institutional investors in a private placement. The Series D Notes were delivered and paid for on August 5, 2024, subject to certain customary closing conditions.

The Series D 2027 Notes have a fixed interest rate of 6.84% per year and the Series D 2029 Notes have a fixed interest rate of 6.91% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the Note Purchase Agreement) or a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs. The Series D 2027 Notes will mature on August 5, 2027 and the Series D 2029 Notes will mature on August 5, 2029, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the Series D Notes is due semiannually in March and September of each year, beginning in September 2024. In addition, the Company is obligated to offer to repay the Series D Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the Note Purchase Agreement, the Company may redeem the Series D Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if the Series D 2027 Notes are redeemed on or before May 5, 2027 or the Series D 2029 Notes are redeemed on or before May 5, 2029, a make-whole premium. As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the Series D Notes.

In connection with the Series D 2027 Notes and Series D 2029 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series D 2027 Notes, the Company receives a fixed interest rate of 6.84% per annum and pays a floating interest rate of SOFR + 3.46% per annum on $100,000 of the Series D 2027 Notes. Under the interest rate swap agreement related to the Series D 2029 Notes, the Company receives a fixed interest rate of 6.91% per annum and pays a floating interest rate of SOFR + 3.48% per annum on $200,000 of the Series D 2029 Notes. As of March 31, 2025, the interest rate swaps had a fair value of $(244) and $(1,254), respectively, related to the Series D 2027 Notes and Series D 2029 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the Series D Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

Table of Contents

The summary information of the Series D 2027 Notes is as follows:

For the Three Months Ended

March 31, 2025

March 31, 2024

Borrowing interest expense

1,755

N/A

Amortization of debt issuance costs

N/A

Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items

N/A

Total

1,855

N/A

Effective interest rate

7.02

N/A

The summary information of the Series D 2029 Notes is as follows:

For the Three Months Ended

March 31, 2025

March 31, 2024

Borrowing interest expense

3,560

N/A

Amortization of debt issuance costs

113

N/A

Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items

N/A

Total

3,713

N/A

Effective interest rate

7.12

N/A

The 2030 Notes

On October 1, 2024, the Company issued $300,000 in aggregate principal amount of 5.750% notes due 2030 (the “2030 Notes”), pursuant to a Base Indenture dated October 1, 2024 (the “Base Indenture”) between the Company and US Bank Trust Company, National Association (the “Trustee”), as supplemented by the First Supplemental Indenture dated October 1, 2024 (the “First Supplemental Indenture” and together with the Base Indenture, the “February 2030 Notes Indenture”). As of March 31, 2025, the Company was in compliance with all covenants and other requirements of the 2030 Notes.

The 2030 Notes will mature on February 1, 2030 and may be redeemed in whole or in part at the Company’s option at any time prior to January 1, 2030 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the February 2030 Notes Indenture and at par value on January 1, 2030 or thereafter. The 2030 Notes bear interest at a rate of 5.75% per year payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2025. The 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

Pursuant to a Registration Statement on Form N-14 (File No. 333-284526), which went effective on February 28, 2025, the Company closed an exchange offer in which holders of the 2030 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 100% of the outstanding principal of the then restricted 2030 Notes obtained registered, unrestricted 2030 Notes.

The summary information of the 2030 Notes is as follows:

For the Three Months Ended

March 31, 2025

March 31, 2024

Borrowing interest expense

4,313

N/A

Amortization of debt issuance costs

181

N/A

Accretion of original issuance discount

126

N/A

Total

4,620

N/A

Effective interest rate

5.75

N/A

(7)COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no

Table of Contents

such claims exist or are expected to arise, and accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2025 and December 31, 2024, the Company had $1,016,089 and $1,035,399 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

(8)MEMBERS’ CAPITAL

The following table shows the components of distributable earnings as shown on the Consolidated Statements of Financial Condition:


	As of
	March 31, 2025		December 31, 2024
Total distributable earnings (loss), beginning of period	$	(50,459)	$	(26,988)
Net investment income	78,095		278,465
Net realized gain (loss)	(5,012)		(26,749)
Net unrealized appreciation (depreciation)	(23,077)		8,255
Distributions declared	(77,034)		(282,812)
Tax reclassification of unitholders' equity	—		(630)
Total distributable earnings (loss), end of period	$	(77,487)	$	(50,459)

The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the three months ended March 31, 2025 and 2024:


Unit Issuance Date	Units Issued	Proceeds Received
For the Three Months Ended March 31, 2025
January 01, 2025	2,728,267	$	51,728
February 01, 2025	2,952,665	55,982
March 01, 2025	4,210,752	79,752









Total	9,891,684	$	187,462
For the Three Months Ended March 31, 2024
January 01, 2024	7,646,273	$	146,120
February 01, 2024	6,231,714	119,088
March 01, 2024	6,662,271	127,383









Total	20,540,258	$	392,591

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2025 and 2024:


Date Declared	Record Date	Payment Date	Per Unit Amount		Total Amount
For the Three Months Ended March 31, 2025
January 27, 2025	January 31, 2025	February 05, 2025	$	0.1265	$	22,270
February 27, 2025	February 28, 2025	March 05, 2025	0.1263		22,696
March 25, 2025	March 31, 2025	April 03, 2025	0.1263		23,317
January 27, 2025	March 31, 2025	April 03, 2025	0.0474		8,751








Total Distributions			$	0.4265	$	77,034
For the Three Months Ended March 31, 2024
January 29, 2024	January 31, 2024	February 05, 2024	$	0.1513	$	19,487
February 27, 2024	February 29, 2024	March 05, 2024	0.1512		20,505
March 26, 2024	March 31, 2024	April 04, 2024	0.1513		21,619









Total Distributions			$	0.4538	$	61,611

The Company adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless unitholders elect to “opt out” of the DRIP, unitholders will have their cash dividends or distributions automatically reinvested in additional units of same class of units to

Table of Contents

which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes.

The following table summarizes the amounts received and units issued to unitholders who have participated in the DRIP during for the three months ended March 31, 2025 and 2024:


Payment Date	DRIP Units Issued	DRIP Units Value
For the Three Months Ended March 31, 2025
January 04, 2025	807,260	$	15,306
February 05, 2025	697,198	13,219
March 05, 2025	711,427	13,474









Total	2,215,885	$	41,999
For the Three Months Ended March 31, 2024
January 04, 2024	539,376	$	10,307
February 05, 2024	583,173	11,144
March 05, 2024	613,350	11,728









Total	1,735,899	$	33,179

Unit Repurchase Program

At the discretion of the Board of Directors, the Company may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. Units purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units.

In the event the amount of Units tendered exceeds the repurchase offer amount, Units will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the unit repurchase plan, as applicable.

The following table further summarizes the unit repurchases completed for the three months ended March 31, 2025 and 2024:


Repurchase Deadline Request	Percentage of Outstanding Units the Company Offered to Repurchase(1)		Price Paid Per Unit		Repurchase Pricing Date	Amount Repurchased		Number of Units Repurchased	Percentage of Outstanding Units Repurchased(1)		Maximum number of units that may yet be purchased under the repurchase program(2)
For the Three Months Ended March 31, 2025
March 07, 2025	5.00	%	$	18.82	March 31, 2025	$	65,290	3,469,202	2.01	%	—




For the Three Months Ended March 31, 2024
March 05, 2024	5.00	%	$	19.05	March 31, 2024	$	28,707	1,506,944	1.25	%	—

(1) Percentage is based on total units as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.

(9)EARNINGS (LOSS) PER UNIT

The following table sets forth the computation of basic and diluted earnings (loss) per Unit:


	For the Three Months Ended
	March 31, 2025		March 31, 2024
Numerator - net increase (decrease) in Members' Capital from operations	$	50,006	$	53,731
Denominator - weighted average Units outstanding	179,816,535		135,684,002
Basic and diluted earnings (loss) per Unit	$	0.28	$	0.40

Table of Contents

(10)CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights (dollar amounts in thousands, except per share amounts):


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Per Unit Data:(1)
Net asset value, beginning of period	$	18.96		$	19.11
Net investment income (loss)	0.43			0.41
Net unrealized and realized gain (loss)(2)	(0.14)			(0.02)
Net increase (decrease) in net assets resulting from operations	0.29			0.39
Distributions declared	(0.43)			(0.45)

Total increase (decrease) in net assets	(0.14)			(0.06)
Net asset value, end of period	$	18.82		$	19.05
Units outstanding, end of period	181,148,832			141,382,662
Weighted average units outstanding	179,816,535			135,684,002

Total return based on net asset value(3)	1.52		%	2.07		%
Ratio/Supplemental Data:
Members' Capital, end of period	$	3,408,329		$	2,693,613

Ratio of expenses before waivers to average Members' Capital(4)	9.83		%	6.68		%
Ratio of net expenses to average Members’ Capital(4)	9.59		%	6.68		%
Ratio of net investment income to average Members’ Capital(4)	9.61		%	9.67		%
Asset coverage ratio(5)	217.00		%	343.00		%
Portfolio turnover rate	4.89		%	3.57		%

(1) The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.

(2) The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3) Total return (not annualized) is calculated assuming a purchase of units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP.

(4) Amounts are annualized except for incentive fees, organization and offering costs, and other expenses for which expense support was provided, as applicable.

(5) Effective October 27, 2021, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to October 27, 2021, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

(11)SLIC ACQUISTION

On July 15, 2024, the Company completed its acquisition of SLIC, pursuant to the Merger Agreement. Pursuant to the Merger Agreement, Merger Sub was first merged with and into SLIC, with SLIC as the surviving company (the “Initial Merger”), and, immediately following the Initial Merger, SLIC was then merged with and into the Company, with the Company as the surviving company (the “Second Merger”). As a result of, and as of the effective time of, the Second Merger, SLIC’s separate existence ceased.

In accordance with the terms of the Merger Agreement, at the effective time of the Second Merger, each share of common stock, $0.001 par value per share, of SLIC (“SLIC Common Stock”) issued and outstanding immediately prior to the effective time, except for shares owned by the Company, was converted into the right to receive an amount in cash equal to $20.59 per share, and SLIC was then merged with and into the Company for no consideration.

In connection with the closing of the SLIC Acquisition, the Company paid approximately $562,504 for the SLIC Common Stock, inclusive of transaction related expenses, pursuant to the terms of the Merger Agreement and for the shares of SLIC Common Stock acquired by the Company pursuant to that certain Securities Purchase Agreement, dated as of May 24, 2024, by and between the Company and an investor in SLIC (the “SPA”). The purchase price per share of SLIC Common Stock in the SPA was equal to the price per share paid to former SLIC stockholders pursuant to the Merger Agreement plus an amount per share of SLIC Common Stock equal to the distributions on such shares of SLIC Common Stock acquired pursuant to the SPA with a record date after the date of the SPA and prior to closing of the SLIC Acquisition.

The SLIC Acquisition was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”), and the Company was the accounting survivor following the SLIC Acquisition. Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values of net identifiable assets acquired other than certain “non-qualifying” assets (for example cash) and does not give rise to goodwill.

Table of Contents

The following table summarizes the assets and liabilities of SLIC acquired by the Company in connection with the SLIC Acquisition:


	As of July 14, 2024
	(Unaudited)
Assets acquired
Non-controlled/non-affiliated investments, at fair value	$	1,101,382
Cash and cash equivalents	41,990
Other assets	14,665
Total assets acquired	1,158,037

Liabilities assumed
Debt	558,073
Dividend payable	21,506
Other liabilities(1)	16,802

Total liabilities assumed	596,381
Net Assets acquired	561,656
Transaction cost	848
Total consideration paid	562,504

(1) Includes $0.41 million of management fees payable.

(12) SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

April Issuances and Distribution Declarations

Pursuant to the Company’s continuous private offering, the Company issued approximately 3,003,865 Units for an aggregate offering price of $56,533 effective April 1, 2025.

On April 25, 2025, the Company declared a distribution in the amount of $0.1261 per unit and payable on or around May 5, 2025 to unitholders of record as of April 30, 2025.

May Issuances

Pursuant to the Company’s continuous private offering, the Company held a close relating to the sale of its Units for an aggregate offering price of $33,759 effective May 1, 2025.

Multi-Class Exemptive Relief

On April 15, 2025, the SEC issued an order (the “Multi-Class Order”) granting the Company’s application for exemptive relief from sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, the Company is permitted to offer multiple classes of its common units with varying sales loads and asset-based distribution and/or service fees.

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per unit amounts, unless otherwise indicated)

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to North Haven Private Income Fund LLC and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential”, “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;

•uncertainty and changes in the general interest rate environment;

•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

•the impact of interruptions in the supply chain on our portfolio companies;

•disruptions related to tariffs and other trade or sanctions issues;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or the “Investment Adviser”) and its affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•the timing and amount of cash flows, distributions and dividends, if any, from the operations of our portfolio companies;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•our ability to maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;

•the effect of changes in tax laws and regulations and interpretations thereof; and

•the risks, uncertainties and other factors we identify under “Part I, Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the “safe harbor” provisions of the

Table of Contents

Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are a private, perpetual-life BDC, which is a BDC whose units are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration whose units are intended to be sold by us monthly on a continuous basis at a price generally equal to our monthly net asset value per Unit.

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by the Adviser, an indirect wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For the purposes of this Report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans, including first lien senior secured term loans (including unitranche loans) and second lien senior secured term loans, with the balance of our investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as the Secured Overnight Financing Rate, or SOFR). We also make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than our private credit investments, for cash management purposes, including to manage payment obligations under our unit repurchase program. Depending on various factors, including our cash flows and the market for middle-market company debt investments, we expect that our liquid loan portfolio could represent a material portion of our investments from time to time.

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us and our Adviser (as amended, the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the Order), including any proprietary accounts of Morgan Stanley, if applicable, in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our unitholders and do not involve overreaching in respect of us or our unitholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our unitholders and is consistent with our investment objective and strategies.

We have applied for a new exemptive relief order which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the application). There can be no assurance that we will obtain such new exemptive relief from the SEC.

On July 15, 2024, we acquired SL Investment Corp., or SLIC, pursuant to that certain Agreement and Plan of Merger, or the Merger Agreement, dated as of May 28, 2024, by and among SLIC, us, Cobalt Merger Sub, Inc., a wholly-owned subsidiary of us, and the Adviser. Pursuant to the Merger Agreement, SLIC was merged with and into us in a two-step transaction with us as the surviving company, or the Merger.

Table of Contents

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the “Investment Advisory Agreement”); (ii) costs and other expenses and our allocable portion of overhead incurred by MS Private Credit Administrative Services LLC (the “Administrator”) in performing its administrative obligations under the administration agreement (the “Administration Agreement”) between us and the Administrator; and (iii) other operating expenses as detailed below:

•initial organization costs and offering costs incurred;

•costs associated with any private offerings of our common units (the “Units”) and any other securities offerings;

•the cost of effecting any sales and repurchases of our Units and other securities, including servicing fees;

•calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

•out of pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies (including, without limitation, any reverse termination fees and any liquidated damage and any costs related to broken deals) and monitoring actual portfolio companies and, if necessary, enforcing our rights;

•base management fee and any incentive fees payable under the Investment Advisory Agreement;

•certain costs and expenses relating to distributions paid by us;

•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

•arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

•the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

•amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, settling, clearing, monitoring, holding or disposing of prospective or actual investments;

•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

•dues and expenses incurred in connection with membership industry or trade organizations;

•fees and expenses payable under any dealer manager agreements;

•escrow agent, distribution agent, transfer agent and custodial fees and expenses;

•costs of derivatives and hedging;

•commissions and other compensation payable to brokers or dealers;

•any fees payable to rating agencies;

•federal and state registration fees;

•the cost of effecting any sales and repurchases of our Units and other securities, including servicing fees;

•U.S. federal, state and local taxes, including any excise taxes;

•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

•Independent Director fees and expenses;

•costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of 1940 Act compliance, Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with

Table of Contents

the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration fees, and the compensation of professionals responsible for the preparation or review of the foregoing;

•the costs of any reports, proxy statements or other notices to our unitholders (including printing and mailing costs), the costs of any unitholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;

•the costs of specialty and custom software for monitoring risk, compliance and overall investments;

•fees and expenses associated with marketing efforts;

•any fidelity bond required by applicable law;

•any necessary insurance premiums;

•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company),

•direct fees and expenses associated with independent audits, agency, consulting and legal costs;

•cost of winding up; and

•all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement based upon our allocable portion of the compensation paid to our Chief Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio is presented below:


	March 31, 2025						December 31, 2024
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	6,258,608	$	6,213,152	98.4	%	$	6,022,749	$	5,997,696	98.6	%
Second Lien Debt	30,134		29,847		0.5		16,613		16,771		0.3
Other Debt Investments	11,089		10,828		0.2		6,453		6,520		0.1
Equity	56,897		55,852		0.9		57,745		58,032		1.0
Total	$	6,356,728	$	6,309,679	100.0	%	$	6,103,560	$	6,079,019	100.0	%

Our debt portfolio displayed the following characteristics of each of our investments(1), (2) unless otherwise noted:


	As of
	March 31, 2025			December 31, 2024
Number of portfolio companies	319			304
Number of new investment commitments in portfolio companies	25			97
Number of investment commitments exited or fully repaid	10			35
Percentage of performing debt bearing a floating rate, at fair value	99.9		%	99.9		%
Percentage of performing debt bearing a fixed rate, at fair value	0.1		%	0.1		%
Weighted average yield on debt and income producing investments, at cost(3)	9.9		%	10.2		%
Weighted average yield on debt and income producing investments, at fair value(3)	10.0		%	10.2		%
Weighted average 12-month EBITDA(4)	$	175.64		$	175.57
Median 12-month EBITDA(4)	86.8			86.5
Weighted average net leverage through tranche(4)(5)	6.0x			6.0x
Weighted average interest coverage(6)	1.6x			1.5x
Weighted average loan to value(4)(7)	40.0		%	39.9		%



Percentage of our debt portfolio subject to business cycle volatility(4)	5.9		%	5.6		%

Average position size of our investments	$	19.8		$	20.0

Table of Contents

(1) Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche that the Company is a lender and loan to value exclude recurring revenue investments, which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.

(2) Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.

(3) Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(4) Excludes liquid loan portfolio.

(5) Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that the Company is a lender, excluding recurring revenue investments.

(6) Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

(7) Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

Investment Activity

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):


	As of and For the Three Months Ended
	March 31, 2025		March 31, 2024
New investments committed
Gross Principal Balance(1)	$	551,781	$	1,050,869

Net New Investments Committed	$	551,781	$	1,050,869
Investments, at cost
Investments, beginning of period	$	6,103,560	$	3,227,449
New investments purchased	549,369		753,506
Net accretion of discount on investments	6,425		3,680
Payment-in-kind	6,863		3,278
Net realized gain (loss) on investments	(5,007)		(3,088)
Investments sold or repaid	(304,482)		(125,522)
Investments, end of period	$	6,356,728	$	3,859,303
Principal amount of investments funded
First lien debt investments	$	553,220	$	764,791
Second lien debt investments	—		—
Other debt investments	—		—
Equity(2)	238		—
Total	$	553,458	$	764,791
Amount of investments sold/fully repaid, at principal
First lien debt investments	$	246,664	$	54,319
Second lien debt investments	—		16,500
Equity	8,455		—
Total	$	255,119	$	70,819

(1) Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.

(2) Represents dollar amount of equity investments funded.

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser’s Internal Risk Rating system:

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.

100

Table of Contents

Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System is as follows:


	March 31, 2025				December 31, 2024
	Fair Value		% of Total			Fair Value		% of Total
Risk rating 1	$	23,287	0.4	%		$	31,948	0.5	%
Risk rating 2	6,166,857		97.7			5,906,377		97.1
Risk rating 3	112,087		1.8			119,130		2.0
Risk rating 4	7,448		0.1			21,564		0.4
Total	$	6,309,679	100.0	%		$	6,079,019	100.0	%

The table below presents the amortized cost of our performing and non-accrual investments as of the following periods:


	March 31, 2025				December 31, 2024
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performing	$	6,344,690	99.8	%	$	6,074,323	99.5	%
Non-accrual	12,038		0.2		29,237		0.5
Total	$	6,356,728	100.0	%	$	6,103,560	100.0	%

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:


	For the Three Months Ended
	March 31, 2025		March 31, 2024
Total investment income	$	161,513	$	105,969
Less: Net expenses	83,418		49,906
Net investment income before taxes	78,095		56,063
Less: Excise tax expense	—		15
Net investment income after taxes	78,095		56,048
Net realized gain (loss)	(5,012)		(3,087)
Net change in unrealized appreciation (depreciation)	(23,077)		770

Net increase (decrease) in Members' Capital resulting from operations	$	50,006	$	53,731

101

Table of Contents

Investment Income

Investment income was as follows:


	For the Three Months Ended
	March 31, 2025		March 31, 2024
Investment income:
Interest income	$	150,782	$	100,240
Payment-in-kind income	6,591		2,600
Dividend income	1,123		960
Other income	3,017		2,169
Total Investment Income	$	161,513	$	105,969

In the table above, total investment income increased from $105,969 for the three months ended March 31, 2024 to $161,513 for the three months ended March 31, 2025. The increase was primarily driven by our deployment of capital and the SLIC Acquisition. The size of our investment portfolio at cost increased from $3,859,303 as of March 31, 2024 to $6,356,728 as of March 31, 2025. This was partially offset by a decrease in our weighted average yield at cost to 9.9% at March 31, 2025 from 11.6% at March 31, 2024, respectively, which was primarily driven by the reduction in base rates and repricing on our existing portfolio.

Expenses

Expenses were as follows:


	For the Three Months Ended
	March 31, 2025		March 31, 2024
Expenses:
Interest and other financing expenses	$	59,855	$	26,223
Management fees	10,535		7,897
Income based incentive fees	11,611		8,811

Professional fees	1,969		1,369

Directors' fees	130		106
Administrative service fees	4		32
Servicing fees	7,163		5,370
General and other expenses	151		98
Total expenses	$	91,418	$	49,906






Management fees waiver	(4,000)		—
Income based incentive fees waiver	(4,000)		—
Net expenses	$	83,418	$	49,906
Excise tax expense	$	—	$	15

Interest and Other Financing Expenses

Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs, net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items and deferred financing costs, increased from $26,223 for the three months ended March 31, 2024 to $59,855 for the three months ended March 31, 2025. The increase was primarily driven by our increased borrowings. Our debt outstanding increased from $1,094,445 as of March 31, 2024 to $2,897,684 as of March 31, 2025.

Base Management Fee

The base management fees before waiver were 10,535 and $7,897 for the three months ended March 31, 2025 and 2024, respectively. The increase was primarily due to an increase in capital contributions. For more information on base management fee, including terms thereof, for further details, see Note 3 “Related Party Transactions” to our consolidated financial statements included in this Report.

Incentive Fees

The income-based incentive fees before waiver were 11,611 and $8,811 for the three months ended March 31, 2025 and 2024, respectively. The increase was primarily due to an increase in pre-incentive fee net investment income. For more information on incentive fee, including terms thereof, for further details, see Note 3 “Related Party Transactions” to our consolidated financial statements included in this Report.

Professional Fees, Administrative Service Fee, Servicing fees and Other Expenses

102

Table of Contents

Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company, which include costs of a financial printer utilized for certain preparation, printing and distribution services related to the offering materials. Professional fees were $1,969 and $1,369 for the three months ended March 31, 2025 and 2024, respectively. The increase was primarily due to an increase in total assets.

Administrative service fees represent fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. General and other expenses include insurance, filing, research, subscriptions and other costs. Organization and offering costs include expenses incurred in our initial formation and our offering of units.

Servicing fees include placement agency fees paid in connection with the Company’s private offering. Servicing fees were $7,163 and $5,370 for the three months ended March 31, 2025 and 2024, respectively. The increase was primarily due to an increase in capital contributions. For more information on servicing fees, including terms thereof, see Note 3 “Related Party Transactions” to our consolidated financial statements included in this report.

Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments


	For the Three Months Ended
	March 31, 2025		March 31, 2024
Realized and unrealized gain (loss):
Net realized gain (loss):
Net realized gain (loss) on investments	$	(5,007)	$	(3,088)
Foreign currency and other transactions	(5)		1
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation) on investments	(23,137)		816
Foreign currency translations and other transactions	60		(46)
Net realized and unrealized gain (loss)	$	(28,089)	$	(2,317)

For the three months ended March 31, 2025, net realized losses on our investments was $5,007, which was primarily due to the sale/repayment on certain equity positions offset by the restructuring of two of our portfolio companies. For the three months ended March 31, 2024, net realized losses on our investments was $3,088 which was primarily due to the restructuring of three portfolio companies.

For the three months ended March 31, 2025, net change in unrealized depreciation on our investments of $23,137, was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Units, net borrowings from our credit facilities and unsecured debt, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our Units. Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our unit repurchase program and payment of cash distributions to our unitholders. Details of our credit facilities are described in “—Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2025, we had approximately $221.8 million of unrestricted cash and cash equivalents, which taken together with our approximately $1,173.4 million, $518.8 million, $225.0 million and $479.9 million of availability under the ING Facility, Wells Funding Facility, CBNA Funding Facility and JPM Funding Facility (subject to borrowing base availability) (each as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements), respectively, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of March 31, 2025, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $1,016.1 million.

Unregistered Sales of Equity Securities

For the three months ended March 31, 2025 and 2024, total Units issued and proceeds received were as follows:

103

Table of Contents


Unit Issuance Date	Units Issued	Proceeds Received
For the Three Months Ended March 31, 2025
January 01, 2025	2,728,267	$	51,728
February 01, 2025	2,952,665	55,982
March 01, 2025	4,210,752	79,752









Total	9,891,684	$	187,462
For the Three Months Ended March 31, 2024
January 01, 2024	7,646,273	$	146,120
February 01, 2024	6,231,714	119,088
March 01, 2024	6,662,271	127,383









Total	20,540,258	$	392,591

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2025 and 2024:


Date Declared	Record Date	Payment Date	Per Unit Amount		Total Amount
For the Three Months Ended March 31, 2025
January 27, 2025	January 31, 2025	February 05, 2025	$	0.1265	$	22,270
February 27, 2025	February 28, 2025	March 05, 2025	0.1263		22,696
March 25, 2025	March 31, 2025	April 03, 2025	0.1263		23,317
January 27, 2025	March 31, 2025	April 03, 2025	0.0474		8,751








Total Distributions			$	0.4265	$	77,034
For the Three Months Ended March 31, 2024
January 29, 2024	January 31, 2024	February 05, 2024	$	0.1513	$	19,487
February 27, 2024	February 29, 2024	March 05, 2024	0.1512		20,505
March 26, 2024	March 31, 2024	April 04, 2024	0.1513		21,619









Total Distributions			$	0.4538	$	61,611

We have adopted an “opt out” DRIP. As a result, unless unitholders elect to “opt out” of the DRIP, unitholders will have their cash dividends or distributions automatically reinvested in additional units of the same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes.

The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP during for the three months ended March 31, 2025 and 2024:


Payment Date	DRIP Units Issued	DRIP Units Value
For the Three Months Ended March 31, 2025
January 04, 2025	807,260	$	15,306
February 05, 2025	697,198	13,219
March 05, 2025	711,427	13,474









Total	2,215,885	$	41,999
For the Three Months Ended March 31, 2024
January 04, 2024	539,376	$	10,307
February 05, 2024	583,173	11,144
March 05, 2024	613,350	11,728









Total	1,735,899	$	33,179

104

Table of Contents

Unit Repurchase Program

At the discretion of the Board of Directors, we may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. The limitations and restrictions described in the applicable offer to repurchase units may prevent us from accommodating all repurchase requests made in any quarter. The unit repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market. We will offer to repurchase Units on such terms as may be determined by our Board of Directors in its complete and absolute discretion.

The following table further summarizes the unit repurchases completed for the three months ended March 31, 2025 and 2024:


Repurchase Deadline Request	Percentage of Outstanding Units the Company Offered to Repurchase(1)		Price Paid Per Unit		Repurchase Pricing Date	Amount Repurchased		Number of Units Repurchased	Percentage of Outstanding Units Repurchased(1)		Maximum number of units that may yet be purchased under the repurchase program(2)
For the Three Months Ended March 31, 2025
March 07, 2025	5.00	%	$	18.82	March 31, 2025	$	65,290	3,469,202	2.01	%	—




For the Three Months Ended March 31, 2024
March 05, 2024	5.00	%	$	19.05	March 31, 2024	$	28,707	1,506,944	1.25	%	—

(1) Percentage is based on total units as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.

Debt

Our outstanding debt obligations were as follows:


	March 31, 2025						December 31, 2024
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
ING Facility(1)	$	1,350,000	$	175,981	$	1,173,406	$	1,350,000	$	313,352	$	1,036,036
Wells Funding Facility	900,000		381,250		518,750		900,000		381,250		518,750
CBNA Funding Facility	375,000		150,000		225,000		375,000		93,750		281,250
JPM Funding Facility	1,200,000		720,079		479,921		1,200,000		614,073		585,927
Series A 2026 Notes(2)	204,000		204,000		—		204,000		204,000		—
Series A 2028 Notes(2)	146,000		146,000		—		146,000		146,000		—
Series B 2026 Notes(3)	107,000		107,000		—		107,000		107,000		—
Series B 2028 Notes(3)	128,000		128,000		—		128,000		128,000		—
Series C 2027 Notes(4)	136,500		136,500		—		136,500		136,500		—
Series C 2029 Notes(4)	163,500		163,500		—		163,500		163,500		—
Series D 2027 Notes(5)	100,000		100,000		—		100,000		100,000		—
Series D 2029 Notes(5)	200,000		200,000		—		200,000		200,000		—
2030 Notes(6)	300,000		300,000		—		300,000		300,000		—
Total	$	5,310,000	$	2,912,310	$	2,397,077	$	5,310,000	$	2,887,425	$	2,421,963

105

Table of Contents

For further details, see Note 6 “Debt” to our consolidated financial statements included in this Report.

RECENT DEVELOPMENTS

April Issuances and Distribution Declarations

Pursuant to our continuous private offering, we issued approximately 3,003,865 Units for an aggregate offering price of $56.5 million effective April 1, 2025.

On April 25, 2025, we declared a regular distribution in the amount of $0.1261 per unit and payable on or around May 5, 2025 to unitholders of record as of April 30, 2025.

May Issuances

Pursuant to our continuous private offering, we held a close relating to the sale of our Units for an aggregate offering price of $33.8 million effective May 1, 2025.

Multi-Class Exemptive Relief

On April 15, 2025, the SEC issued an order (the “Multi-Class Order”) granting our application for exemptive relief from sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, we are permitted to offer multiple classes of common units with varying sales loads and asset-based distribution and/or service fees.

106

Table of Contents

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, including Note 2 “Significant Accounting Policies.”

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to Note 5 "Fair Value Measurements" included in the notes to the consolidated financial statements in Part 1, Item 1 of this Report.

RELATED PARTY TRANSACTIONS

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

•the Investment Advisory Agreement;

•the Administration Agreement;

•the Placement Agent Agreement;

•the MSDI Agreement; and

•the Expense Support Agreement.

For further details, see Note 3 “Related Party Transactions” to our consolidated financial statements included in this Report.

MS Credit Partners Holdings, Inc., an indirect wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements and has made capital contributions at the closings of the Company’s continuous private offering representing an aggregate capital contribution of $25.0 million, in exchange for 1,256,051 Units. Because MS Credit Partners Holdings, Inc. has made an aggregate capital contribution of $25.0 million as of the date of this Report, MS Credit Partners Holdings, Inc. has no further obligation, contractual or otherwise, to support us. Morgan Stanley has no history of financially supporting any of the BDCs on the MS Private Credit platform, even during periods of financial distress.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk, market risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by our Board of Directors, based on, among other things, the input of the Investment Adviser, including our Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of our Board of Directors, or Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, international conflicts, trade policies and tariffs, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets disruption and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” and “Part I, Item 1A. Risk Factors—General Risk Factors—Terrorist attacks, acts of war, natural disasters, outbreaks or

107

Table of Contents

pandemics may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our most recent Annual Report on Form 10-K.

Interest Rate Risk

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2025, approximately 99.9% of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of March 31, 2025, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of March 31, 2025) (dollar amounts in thousands):


	Interest		Interest		Net
Basis Point Change - Interest Rates	Income		Expense(1)		Income
Up 300 basis points	$	188,428	$	(78,369)	$	110,059
Up 200 basis points	$	125,619	$	(52,246)	$	73,373
Up 100 basis points	$	62,809	$	(26,123)	$	36,686
Up 25 basis points	$	15,702	$	(6,531)	$	9,172
Down 25 basis points	$	(15,702)	$	6,531	$	(9,172)
Down 100 basis points	$	(62,809)	$	26,123	$	(36,686)
Down 200 basis points	$	(125,619)	$	52,246	$	(73,373)
Down 300 basis points	$	(188,428)	$	78,369	$	(110,059)

(1) Includes the impact of our interest rate swaps as a result of interest rate changes.

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of March 31, 2025 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the fiscal quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

108

Table of Contents

PART II

Item 1. Legal Proceedings

The Company, the Investment Adviser, and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Investment Adviser, and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors previously disclosed under

Item 1A of the Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Sales of Unregistered Securities

Refer to “Part I. Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Members’ Capital” in this Report, the Annual Report on Form 10-K and our Current Reports on Form 8-K filed on January 29, 2025, February 27, 2025 and March 27, 2025, for the issuance of our Class S Units for the three months ended March 31, 2025. Such issuances were part of our continuous private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Issuer Purchases of Equity Securities

At the discretion of the Board of Directors, we have in the past and may in the future conduct quarterly repurchase offers pursuant to a unit repurchase program. The purpose of the unit repurchase program is to provide liquidity to unitholders. We intend to limit the number of Units to be repurchased in each quarter to no more than 5% of our outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end. All Units purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units. Any Units to be purchased from any of our officers, directors or affiliates will be on the same terms and conditions as any other purchase of Units.

On February 5, 2025, we announced a quarterly tender offer that commenced on February 6, 2025 and ended at 12:01 a.m., Eastern Time, on March 7, 2025 (the “Offer”). Because there is no secondary trading market for our Units, our Board of Directors determined, after consideration of various matters, that the Offer was in the best interests of unitholders in order to provide liquidity for our unitholders. Approximately 3,469,202 of our Units were validly tendered and not withdrawn prior to the expiration of the Offer. The Units were repurchased at a price of $18.82 per Unit, which represents the net asset value per Unit as of March 31, 2025. The payment of the purchase price of the Units tendered was promptly made in cash issued to the unitholders whose tenders were accepted for purchase by us in accordance with the terms of the Offer.

The following table sets forth information regarding repurchases of Units during the three months ended March 31, 2025:

Offer Date

Tender Offer Expiration

Purchase Price per Share

Share Repurchased

Aggregate Dollar Amount of Shares Accepted for Repurchase (in thousands)

February 6, 2025

March 7, 2025

$18.82

3,469,202

65,290

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits and Financial Statement Schedules

(a) Exhibits

109

Table of Contents

The following exhibits are filed as part of this Report or hereby incorporated by reference to exhibits previously filed with the SEC:


Exhibit			Description























































































31.1*			Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*			Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1**			Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**			Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*			Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*			Cover Page Interactive Data File (embedded within the Inline XBRL document)

*			Filed herewith
**			Furnished herewith

110

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


	North Haven Private Income Fund LLC

Dated: May 12, 2025	By:	/s/ Jeffrey S. Levin
		Jeffrey S. Levin Director and Chief Executive Officer (Principal Executive Officer)

Dated: May 12, 2025	By:	/s/ David Pessah
		David Pessah Chief Financial Officer (Principal Financial Officer)

111